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Arizona Desert Homes (ADH) constructed a new subdivision during 2020 and 2021 under contract with Cactus Development Ceva data are summarized below: Contract amount Cost:

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Arizona Desert Homes (ADH) constructed a new subdivision during 2020 and 2021 under contract with Cactus Development Ceva data are summarized below: Contract amount Cost: Gross profit: 2020 2021 2020 2021 2020 2021 $3,225,000 1,250,000 650,000 875,000 450,000 1,612,500 1,612,500 Contract billings: ADH recognizes revenue upon completion of the contract. What is the journal entry in 2021 to record revenue? Multiple Choice 1,612,500 Accounts receivable Next > 8 of 25

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