RECOMMENDED!!ACCOUNTING 210-The transaction date is January 15

  

How to journalize this transaction? The transaction date is January 15. the start date is January 16. the completion date is no later than Feb 28. The contract amount for Job 76 is $45,800.00 A deposit of $10,000 was provided by Cold Refrigeration in signing the contract. The deposit is Unearned Revenue. (Debit Cash; Credit Unearned Revenue) Half of the contract will be billed upon 50% completion with the deposit applied against that billing with the remainder due immediately. A quarter of the contract will be billed upon 75% completion of the contract with the amount due immediately. the remaining amount of the contract is to be billed when the job is 100% complete, payable within 30 days of the billing.

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