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On January 1, 2020, Miller Construction Company contracted to build a parking lot for the...

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Accounting

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On January 1, 2020, Miller Construction Company contracted to build a parking lot for the city of St. Louis for $825,000. The following transactions and estimates relate to this contract. Construction costs incurred during 2020 $440,000 Progress billings $209,000 Cash collections $192,500 Estimated costs to complete $440,000 a. Prepare the 2020 journal entry to record profit or loss assuming revenue is recognized over time. Note: Record any multiple debits in alphabetical order and any multiple credits in alphabetical order. Account Debit Credit a To recognize revenues and expenses b. Prepare the 2020 journal entry to record profit or loss assuming revenue is recognized at a point in time. Note: If a journal entry (or a line of the journal entry) isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Cr.answers blank (zero). Account Debit Credit b. To recognize revenues and expenses

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