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Accounting entries in construction accounting
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How do I record and entry for the following transaction. On a construction job the orignal contract amount was 100,000. What do I debit and what do I credit. If I do a percentage of completion accounting what do I debit and what do I credit when 20% of the job is complete.
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What are the entries to set up (in a new company) a consturction loan with draws and interest only paid during construction project. Once occupancy takes place, what entries are made to pay loan?
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