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Arizona Desert Homes (ADH) constructed a new subdivision during 2020 and 2021 under contract with Cactus Development Co. Relevant data are summarized below: Contract
Arizona Desert Homes (ADH) constructed a new subdivision during 2020 and 2021 under contract with Cactus Development Co. Relevant data are summarized below: Contract amount $2,595,000 Cost: 2020 1,110,000 2021 510,000 Gross profit: 2020 665,000 2021 310,000 Contract billings: 2020 1,297,500 2021 1,297,500 ADH recognizes revenue upon completion of the contract. What is the journal entry in 2021 to record revenue? 1
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Corporate Financial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
14th edition
130565353X, 978-1305887510, 1305887514, 978-1305653535
