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Hey guys,
So I am working on F1 Sim 2 (question 2) on Becker. For those of you not using Becker, the question relates to JE on percentage of completion method. I understand the JE to record the costs, billings, payments received. However, can someone please explain how the JE to record the revenue/expense during the construction period works? Here’s an example of the JE I am talking about:
Dr. Construction expense (or cost of long-term construction contracts)
Dr. Construction in progress
Cr. RevenueThanks!
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