14) Which of the following represents the journal entry that would be made by Phoenix to record revenue for 2018? A) Accounts receivable Construction revenue 1,500,000 1,500,000 B) Construction in progress Construction expense Construction revenue 400,000 600,000 1,000,000 C) Construction expense Gross profit Construction revenue 2,000,000 1,000,000 3,000,000 1,500,000 D) Accounts receivable Construction expense Gross profit Deferred revenue 600,000 600,000 300,000 Select one: A B D Use the following information to answer questions 12 through 14: Phoenix Construction Company has been hired to build several homes during 2017 and 2018. Information regarding this project is shown below: Contract amount Costs incurred each year Gross profit each year 2017 2018 2017 2018 2017 2018 $3,000,000 1.200,000 600,000 800,000 400.000 1.500.000 1,500,000 Contract billings each year Phoenix recognizes revenue using the percentage-of-completion method. 12) Which of the following represents the journal entry that would be made by Phoenix to record revenue for 2017? A) Accounts receivable 1,500,000 Construction revenue 1,500,000 B) Accounts receivable 2,300,000 Gross profit 800,000 Construction revenue 1,500,000 C) Construction in progress Construction expense Construction revenue 800,000 1,200,000 2,000,000 D) Accounts receivable Billings in excess of cost Construction revenue 1,500,000 300,000 1,800,000 Select one: B D