McCombs Contractors Received a Contract to Construct a Mental Health

McCombs Contractors received a contract to construct a mental health facility for $2,500,000. Construction was begun in 2017 and completed in 2018. Cost and other data are presented below:


-Assume that McCombs recognizes revenue on this contract over time according to percentage of completion.
Required:
Prepare all journal entries to record costs, billings, collections, and profit (loss) recognition. Round your answers to the nearest whole dollar.

Correct Answer:

Verified

2017:
Construction in progress 1,500,000...

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