Bonita Construction Company began work on a $400,000 construction contract in 2022 . During 2022...
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Bonita Construction Company began work on a $400,000 construction contract in 2022 . During 2022 , Bonita incurred costs of $250,000, billed its customer for $200,000, and collected $170,000. At December 31,2022 , the estimated additional costs to complete the project total $178,890. Prepare Bonita's journal entry to record profit or loss, if any, using the percentage-of-completion method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and ent O for the amounts.)
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Bonita Construction Company began work on a $400,000 construction contract in 2022 . During 2022 , Bonita incurred costs of $250,000, billed its customer for $200,000, and collected $170,000. At December 31,2022 , the estimated additional costs to complete the project total $178,890. Prepare Bonita's journal entry to record profit or loss, if any, using the percentage-of-completion method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and ent O for the amounts.) 