Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,750,000. The project was begun in 2023 and completed in 2024. Cost and other data are presented below:

	2023			2024
Costs incurred during the year	$	469,000		$	1,050,000
Estimated costs to complete		871,000			0
Billings during the year		480,000			1,270,000
Cash collections during the year		380,000			1,370,000

Assume that Beavis recognizes revenue upon completion of the project. Required: Prepare all journal entries to record costs, billings, collections, and profit recognition. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

1. Record the entry for costs incurred during the year 2023.

2. Record the entry for billings during the year 2023.

3. Record the entry for cash collection during the year 2023.

4. Record the entry for revenue from long-term contracts.

5. Record the entry for costs incurred during the year 2024.

6. Record the entry for billings during the year 2024.

7. Record the entry for cash collection during the year 2024.

8. Record the entry for revenue from long-term contracts.

9. Record the entry to close the construction accounts.

Date	General Journal	Debit	Credit
2023