Concord, Inc. began work on a $6,466,000 contract in 2017 to construct an office building. During...

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Accounting

Concord, Inc. began work on a $6,466,000 contract in 2017 toconstruct an office building. During 2017, Concord, Inc. incurredcosts of $1,547,340, billed its customers for $1,085,000, andcollected $1,013,000. At December 31, 2017, the estimatedadditional costs to complete the project total $3,003,660. PrepareConcord’s 2017 journal entries using the percentage-of-completionmethod.

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Date Accounts Debit Credit 2017 Construction in process 154734000 Cash 154734000 To record cost of Construction incurred during year 2017 Accounts receivables 108500000 See Answer

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