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Cost of Construction Assignment | Top Universities

Saved Help I Contracts Required information (The following information applies to the questions displayed below) In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: 2023 $2,239,800 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,610,000 6,390,000 2,100,000 1,850,000 2022 $3,162,000 2,028,000 3,672,000 3,000,000 4,228,000 5,150,000 Westgate recognizes revenue over time according to percentage of completion 2-0. In the journal below. complete the necessary journal entries for the year 2021 (credit “Various accounts for construction costs incurred) 2-b.
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In the journal below, complete the necessary journal entries for the year 2022 (credit “Various accounts for construction costs incurred). 2-c. In the journal below. complete the necessary journal entries for the vear 2023 (credit “Various accounts for construction costs < Prev 3 4 5 6 of 8 !!! Next > search Her 6C – LT Contracts Required information U JU U RELY JUSTRU ES REVO LUDUR no entry is required for a transaction/event, select “No journal entry required in the first account field. of 5 View transaction list View journal entry worksheet Credit – No 1 Date | 2023 General Journal Construction in progress Various accounts Debit 2,230,000 2.230,000 58:01 22 2023 4,228,000 Accounts receivable Billings on construction contract 4,228,000 ences 23 2023 Cash Accounts receivable 24 2023 Cost of construction Construction in progress Revenue from long-term contracts < Prev 3 4 5 6 of 8 Next > e to search Required information in the journal below, complete the necessary journal entries for the year 2022 (Credit “Various accounts for construction costs incur denty is required for a transaction/event, select “No journal entry required in the first account held. View transaction list View journal entry worksheet Debit Credit No 1 Date 2022 2 General Journal Construction in progress Various accounts 3,162,000 3,162,000 2022 3,672,000 Accounts receivable Billings on construction contract 3,672.000 3 2022 3,000,000 Cash Accounts receivable 3,000,000 4 2022 Construction in progress Cost of construction < Req 2A Req 2C > < Prev 3 4 5 6 of 8 Next > Search Get Accounting Homework Help Today

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