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NEEDED FOR YEARS 2024, 2025, & 2026 PLEASE AND THANK YOU! Record progress billings. Note: Enter debits before credits. Journal entry worksheet Record gross profit
NEEDED FOR YEARS 2024, 2025, & 2026 PLEASE AND THANK YOU!
Record progress billings. Note: Enter debits before credits. Journal entry worksheet Record gross profit (loss). Note: Enter debits before credits. Journal entry worksheet Record cash collections. Note: Enter debits before credits. Journal entry worksheet Record construction costs. Note: Enter debits before credits. Problem 6-10 (Algo) Long-term contract; revenue recognition over time [LO6-8, 6-9] [The following information applies to the questions displayed below.] In 2024, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2026 . Information related to the contract is as follows: Westgate recognizes revenue over time according to percentage of completion. Problem 6-10 (Algo) Part 2 -a. In the journal below, complete the necessary journal entries for the year 2024 (credit "Cash, Materials, etc." for construction costs curred). -b. In the journal below, complete the necessary journal entries for the year 2025 (credit "Cash, Materials, etc." for construction costs curred). -c. In the journal below, complete the necessary journal entries for the year 2026 (credit "Cash, Materials, etc." for construction costs curred). Record progress billings. Note: Enter debits before credits. Journal entry worksheet Record gross profit (loss). Note: Enter debits before credits. Journal entry worksheet Record cash collections. Note: Enter debits before credits. Journal entry worksheet Record construction costs. Note: Enter debits before credits. Problem 6-10 (Algo) Long-term contract; revenue recognition over time [LO6-8, 6-9] [The following information applies to the questions displayed below.] In 2024, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2026 . Information related to the contract is as follows: Westgate recognizes revenue over time according to percentage of completion. Problem 6-10 (Algo) Part 2 -a. In the journal below, complete the necessary journal entries for the year 2024 (credit "Cash, Materials, etc." for construction costs curred). -b. In the journal below, complete the necessary journal entries for the year 2025 (credit "Cash, Materials, etc." for construction costs curred). -c. In the journal below, complete the necessary journal entries for the year 2026 (credit "Cash, Materials, etc." for construction costs curred)Step by Step Solution
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