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Construction Project Accounts:- What is the journal entry for contract receivables:-1)agreement receipts(beginning)2)work in progress 3)Retention.

Major Accounts Accounts Receivable General Ledger
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Question added by Siraj vannathamkandy , Senior Accountant , Gulf Business Center
Date Posted: 2015/05/18
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Basharat Rasool
by Basharat Rasool , Senior Accountant , Mutual Printing Press

   

 

To record progress billings to Customer

 

         DR  Accounts Receivable          

         CR  Billing on CIP

 

To record cash collections:

 

         DR  Cash A/C        

         CR  Accounts Receivable          

         

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