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FAR Journal Entries > Revenue Recognition > Flashcards

Revenue Recognition Flashcards

1
Q

Percentage of Completion Method Entry

A

DR: Construction in Progress
CR: Cash / Accounts Payable

DR: Accounts Receivable
CR: Progress Billings

DR: Construction in Progress
CR: Current Gross Profit

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2
Q

Completed Contract Method Entry

A

DR: Construction in Progress
CR: Cash / Accounts Payable

DR: Accounts Receivable
CR: Progress Billings

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FAR Journal Entries (13 decks)

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