Grouper Construction Company began work on a $ construction contract in During Grouper incurred costs of
$ billed its customer for $ and collected $ At December the estimated additional costs to
complete the project total $
Prepare Grouper's journal entry to record profit or loss, if any, using a the percentageofcompletion method and b the completed
contract 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 enter for the amounts. Round answers to decimal places, eg
No Account Titles and Explanation
Debit
Credit
a Construction Expenses
Construction in Process
Revenue from LongTerm Contracts
b Loss from LongTerm Contracts
Construction in Process
