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Blossom, Inc. began work on a $7,579,000 contract in 2025 to contruct an office building....

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Accounting

Blossom, Inc. began work on a $7,579,000 contract in 2025 to contruct an office building. During 2025, Blossom, Inc incurred cost of $1,865,850, billed its customer for $1,081,000, and collected $1,022,000. At December 31,2025, the estimated additional cost to the complete project total is $3,465,150. Prepare Blossom's 2025 journal entries using the percentage-of-completion method. Blossom, Inc. began work on a $7,579,000 contract in 2025 to construct an office building. During 2025, Blossom, Inc. incurred costs
of $1,865,850, billed its customers for $1,081,000, and collected $1,022,000. At December 31,2025, the estimated additional costs to
complete the project total $3,465,150.
Prepare Blossom's 2025 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. If no entry is required, select "No
entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)
Account Titles and Explanation
(To record costs incurred.)
(To record billings.)
(To record collections.)
(To recognize revenue.)
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