Question
Arizona Desert Homes (ADH) constructed a new subdivision during 2017 and 2018 under contract with Cactus Development Co. Relevant data are summarized below: Contract amount$3,225,000Cost:20171,250,0002018650,000Gross
Arizona Desert Homes (ADH) constructed a new subdivision during 2017 and 2018 under contract with Cactus Development Co. Relevant data are summarized below:
Contract amount$3,225,000Cost:20171,250,0002018650,000Gross profit:2017875,0002018450,000Contract billings:20171,612,50020181,612,500
ADH recognizes revenue upon completion of the contract.
What is the journal entry in 2018 to record revenue?
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College Accounting Chapters 1-13
Authors: John Price
14th Edition
007763991X, 9780077639914
