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please help with all journal entries. thanks. Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,860,000.
please help with all journal entries. thanks.
Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,860,000. The project was begun in 2017 and completed in 2018. Cost and other data are presented below: Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 2017 2018 $ 432,000 $1,160,000 1,008,000 430,000 1,430,000 330,000 1,530,000 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.) Step by Step Solution
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