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Spot-On Contractors, Inc. provided the following information for the current year's construction activity Click the...

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Accounting

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Spot-On Contractors, Inc. provided the following information for the current year's construction activity Click the icon to view the contract information.) Prepare the journal entries required to record Spot-On's construction activity assuming that the company uses the completed-contract method. (Record debits first, then credits. Exclude explanations from any journal entries. If no entry is required select "No Entry Required" on the first line of the journal entry table and leave all remaining cells in the table blank.) Begin by recording the construction costs for the current year. Account 2015 Contract Information - X S 170,000 Contract price 2015 Actual construction costs incurred during the year Estimated costs to complete Estimated total costs Progress billings made during the year Cash collections during the S 24,000 96,000 $ 120,000 S 61,000 year $ 50,000 Print Done

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