Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please help Required information [The following information applies to the questions displayed below) In 2021, the Westgate Construction Company entered into a contract to construct
please help
Required information [The following information applies to the questions displayed below) In 2021, 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 2023. Information related to the contract is as follows: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,523, eee 6,177,000 2, e7e, 080 1,835,000 2022 $3,177,000 1,800, eae 3,630, eee 3,480, eee 2023 $1,980, see e 4,300,000 4,765, eee Westgate recognizes revenue over time according to percentage of completion 2-a. In the journal below.complete the necessary Journal entries for the year 2021 (credit "Various accounts" for construction costs incurred) 2-b. In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts for construction costs incurred) 2-c. In the journal below.complete the necessary journal entries for the year 2023 (credit "Various accounts for construction costs incurred) View transaction list Journal entry worksheet 1 2 3 Record construction costs. Note: Enter debits before credits General Journal Debit Credit Date 2021 View transaction list Journal entry worksheet Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started