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Gunk Goblin constructed a new subdivision during 2020 and 2021 under contract with Cactus Development Co. Relevant data are summarized below: Contract amount $3,000,000 Cost:
Gunk Goblin constructed a new subdivision during 2020 and 2021 under contract with Cactus Development Co. Relevant data are summarized below: Contract amount $3,000,000 Cost: 2020 1,200,000 2021 600,000 Period gross profit: 800,000 2021 400,000 Contract billings: 2020 1,500,000 2021 1,500,000 2020 Gunk Goblin recognizes revenue over time with respect to these contracts. For 2021, what is the journal entry to record revenue? Multiple Choice 1.500.000 Acte receivable Coat of construction Gross profit Deferred 600.000 600,000 300,000 Camat Progree 400.000 Gunk Goblin constructed a new subdivision during 2020 and 2021 under contract with Cactus Development Co. Relevant data are summarized below: Contract amount $3,000,000 Cost: 2020 1,200,000 2021 600,000 Period gross profit: 800,000 2021 400,000 Contract billings: 2020 1,500,000 2021 1,500,000 2020 Gunk Goblin recognizes revenue over time with respect to these contracts. For 2021, what is the journal entry to record revenue? Multiple Choice 1.500.000 Acte receivable Coat of construction Gross profit Deferred 600.000 600,000 300,000 Camat Progree 400.000
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Fundamental Accounting Principles Volume I
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
16th Canadian edition
978-1260305821
