What would be the journal entry made record revenue, Accounting Basics

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What would be the journal entry made record revenue

Arizona Desert Homes (ADH) constructed a new subdivision during 2008 and 2009 under contract with Cactus Development Co. Relevant data are summarized below:

contract amount 3,000,000
cost 2008 1,200,000
2009 600,000
gross profit 2008 800,00
2009400,000
contract billing 2008 1,500,000
2009 1,500,000

ADH uses the percentage-of-completion method to recognize revenue.

What would be the journal entry made in 2008 to record revenue?

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Accounting Basics: What would be the journal entry made record revenue

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Recent Questions Asked Accounting Basics

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Ask an Expert for Answer!!

Accounting Basics: What would be the journal entry made record revenue

Reference No:- TGS078407

Recent Questions Asked Accounting Basics

Q : The role of education in successful financial planning

Q : Office automation and group collaboration

Q : What happens if you use an eight percent rate

Q : Product in comparison with prices

Q : What would be the journal entry made record revenue

Q : How many additional inspectors should be employed

Q : Acknowledged and documented in a written assignment.

Q : Accuracy of the fictional courtroom process

Q : What is relationship marketing

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