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Homework answers / question archive / In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000

In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000

Accounting

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:

 

  2021 2022 2023

Cost incurred during the year $2,581,000  $2,347,000  $3,049,200 

Estimated costs to complete  6,319,000   2,772,000   0

as of year-end  

Billings during the year   2,090,000   2,838,000   5,072,000 

Cash collections during the year  1,845,000   2,900,000   5,255,000 

 

Westgate recognizes revenue over time according to percentage of completion.

 

, List the necessary journal entries for the year 2021 (credit "Various accounts" for construction costs incurred).

 

2-b. List a journal below, using the necessary journal entries for the year 2022 (credit "Various accounts" for construction costs incurred).

 

2-c.Show a journal below, Using the necessary journal entries for the year 2023 (credit "Various accounts" for construction costs incurred).

 

Date General Journal Debit Credit

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