Question
Arizona Desert Homes (ADH) constructed a new subdivision during 2023 and 2024 under contract with Cactus Development Company. Relevant data are summarized below: Contract amount
Arizona Desert Homes (ADH) constructed a new subdivision during 2023 and 2024 under contract with Cactus Development Company. Relevant data are summarized below:
| Contract amount | $ 2,730,000 | |
|---|---|---|
| Cost: | 2023 | 1,140,000 |
| 2024 | 540,000 | |
| Gross profit: | 2023 | 710,000 |
| 2024 | 340,000 | |
| Contract billings: | 2023 | 1,365,000 |
| 2024 | 1,365,000 |
ADH recognizes revenue upon completion of the contract.
What is the journal entry in 2024 to record revenue?
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Audit Of The Management Of Federal Prison Industries And Efforts To Create Work Opportunities For Federal Inmates
Authors: U.S. Department Of Justice
1st Edition
1500770442, 978-1500770440
