Flint, Inc. began work on a $6,504,000 contract in 2020 to construct an office building....
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Accounting
Flint, Inc. began work on a $6,504,000 contract in 2020 to construct an office building. During 2020, Flint, Inc. incurred costs $1,639,900, billed its customers for $1,300,000, and collected $1,055,000. At December 31, 2020, the estimated additional complete the project total $3,650,100. Prepare Flint's 2020 journal entries using the percentage-of-completion method. (Credit account titles are automatically indente amount is entered. Do not indent manually. For costs incurred use account Materials, Cash, Payables. If no entry is required, select "No account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record costs incurred.) (To record billings.) (To record collections.) (To recognize revenue.)
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