Please list all of the journal entries for Other Current Year Contracts. Your company name is PP. See below information:PP initiated a number of other contracts in the current year. The total dollar amount of all other contracts initiated was $5,919,700. This amount is broken down as follows:Goods and services which were delivered and for which cash was received: $3,444,429.Goods and services which were not delivered, but for which cash was received: $ 340,390.Goods and services which were delivered, but for which cash was not received: $1,538,481.Goods and services which were not delivered and for which cash was not received: $596,400.Of the total goods and services delivered, $3,267,650 was related to goods and $1,715,260 was related to services.

The journal entries are recorded as per accounting principles laid down by US GAAP and other…

Answered: Please list all of the journal entries…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Please list all of the journal entries for Other Current Year Contracts. Your company name is PP. See below information:

PP initiated a number of other contracts in the current year.

The total dollar amount of all other contracts initiated was $5,919,700. This amount is broken down as follows:

Goods and services which were delivered and for which cash was received: $3,444,429.
Goods and services which were not delivered, but for which cash was received: $ 340,390.
Goods and services which were delivered, but for which cash was not received: $1,538,481.
Goods and services which were not delivered and for which cash was not received: $596,400.

Of the total goods and services delivered, $3,267,650 was related to goods and $1,715,260 was related to services.

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