1__As of December 31, 2020, Gill Co. repored accons receiable of $225,000 and an alloance for ncollecible accons of $8700. Dring 2021, accons receiable increased b $22,300, (ha change incldes $7450 of bad debs ha ere rien off). An analsis of Gill Co.'s December 31, 2021, accons receiable sggess ha he alloance for ncollecible accons shold be 4% of accons receiable. Bad deb epense for 2021 old be:

$7450 $9892 $8642 none of hese anser choices are correc

2__

Beais Consrcion Compan as he lo bidder on a consrcion projec o bild an earhen dam for $1,760,000. The projec as begn in 2020 and compleed in 2021. Cos and oher daa are presened belo:

Coss incrred dring he ear Esimaed coss o complee Billings dring he ear Cash collecions dring he ear

2020 2021 $ 399,000 $ 1,060,000 931,000 0 485,000 1,275,000 385,000 1,375,000

Assme ha Beais recognies reene on his conrac oer ime according o he percenage of compleion.

Reqired: Prepare all jornal enries o record coss, billings, collecions, and profi recogniion. (If no enr is reqired for a ransacion/een, selec "No jornal enr reqired" in he firs accon field.)