i learn.a Question 7 0.67/1 Your answer is partially correct Sheridan Constructi

Question

i learn.a Question 7 0.67/1 Your answer is partially correct Sheridan Construction Company began work on a $ 417,400 construction contract in 2017. During 2017, Sheridan incurred costs of $ 280.300, billed its customer for $216,200, and collected $ 176,500. At December 31, 2017, the estimated additional costs to complete the project total $ 162000 Prepare Sheridan's journal entry to record profhit or loss, if any,using (a) the percentage-of completion 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 O for the amounts) No. Account Titles and Explanation Debit Credit Revenue from Long-Te (b) Loss from Long Term Co Construction In Process List of Accounts eTextbook and Media

Explanation / Answer

Total estimated costs = 280300+162000= $442300 Expected gross profit = 417400-442300 = ($24900) a Construction expense 280300        Construction in progress 24900        Revenue from Long term contract 255400 b Loss from Long term contract 24900        Construction in progress 24900

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