Question

Turner, Inc. began work on a $7,929,000 contract in 2014 to construct an office building. During 2014, Turner, Inc. incurred costs of $1,595,880, billed its customers for $1,400,000, and collected $957,400. At December 31, 2014, the estimated future costs to complete the project total $3,552,120. Prepare Turner's 2014 journal entries using the percentage-of-completion method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. For costs incurred use account Materials, Cash, Payables) No. Account Titles and Explanation Debit Credit To record costs incurred.) 12) 10 To record billings.) D) (To record collections.) To recognice revenue 32 PM