Completed Contract
Journal Entries for Completed Contract:
- 1998 & 1999: The first three entries are the same as percent completion, i.e., to record costs, billings and collections.
In 2000 only:
Billings in Progress (to close) 4,500,000
Construction Revenue 4,500,000
To close and record revenue
Cost of Construction (expense) 4,050,000
Construction in Progress 4,050,000
To record costs and close asset