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REQUIRED: a) Using percentage-of-completion method, prepare schedules to compute the profit and loss to...

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Accounting

REQUIRED:
a) Using percentage-of-completion method, prepare schedules to compute the profit and loss to be recognized as a result of this contract for the year ended September 30,2021,2022 and 2023.
b) Using cost recovery method, prepare schedules to compute the profit and loss to be recognized as a result of this contract for the year ended September 30,2021,2022 and 2023.
c) Prepare a complete set of journal entries for 2022(using the percentage-of-completion method).
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