Answered: Record the invoices amounting to…

Business

Accounting

Record the invoices amounting to $81,300 from the contracts.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 13SPB

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Concept explainers

Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.

Question

What should i do?

Record the invoices amounting to $81,300 from the contracts.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
6a

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