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Edward Foster is a building contractor. He and his customer have agreed that...

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Accounting

Edward Foster is a building contractor. He and his customer have agreed that he will submit a bill to them when he is 25 percent complete, 50 percent complete, 75 percent complete, and 100 percent complete. For example, he has a $200,000 room addition. When he has completed 25 percent, he will bill his customer $50,000. The problem occurs when he is 40 percent complete, has incurred expenses but cannot yet bill his customer. How can his revenue and expenses match? Discuss several ways that Edward's accountant could solve this problem. What accounts would be used?

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