Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,800,000. The project was begun in 2023 and completed in 2024. Cost and other data are presented below: 2023 Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year $ 450,000 1,050,000 400,000 300,000 2024 $ 1,100,000 0 1,400,000 1,500,000 Assume that Beavis recognizes revenue on this contract over time according to percentage of completion. Required: Prepare all journal entries to record costs, billings, collections, and profit recognition. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 > Record the entry for costs incurred during the year 2023. Note: Enter debits before credits. Date 2023 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 > Record the entry for billings during the year 2023. Note: Enter debits before credits. Date 2023 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 > Record the entry for cash collections during the year 2023. Note: Enter debits before credits. Date 2023 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 > Record the entry for revenue from long-term contracts. Note: Enter debits before credits. Date 2023 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 > Record the entry for costs incurred during the year 2024. Note: Enter debits before credits. Date 2024 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 > Record the entry for billings during the year 2024. Note: Enter debits before credits. Date 2024 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 5 6 7 89 > Record the entry for cash collections during the year 2024. Note: Enter debits before credits. Date 2024 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 567 Record the entry for revenue from long-term contracts. Note: Enter debits before credits. Date 2024 00 8 9 > General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 Record the entry to close the construction accounts. Note: Enter debits before credits. Date 2024 General Journal Debit Credit Record entry Clear entry View general journal