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Red x's are wrong please answer in same format as hw Required Information {The following information applies to the questions displayed below.] In 2021, the
Red x's are wrong please answer in same format as hw
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: 2023 $3,649,200 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,581,800 6,319,800 2,090, eee 1,845, eee 2022 $2,347,880 2,772,880 2,838, see 2,900,eee 5,672,00 5,255, 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). Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 2A Req 2B Reg 20 In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Date General Journal Debit Credit 2021 Construction in progress 2.581.000 X 2.581.000 1 Cash 2 2021 2.090.000 Accounts receivable Billings on construction contract IS 2.000.000 3 2021 1.845.000 Cash Accounts receivable 00 1,845,000 4 2021 258,072 Service revenue Cost of construction Revenue from long-term contracts 2,581,000 X 2.839,072 X Reg 2A Reg 2B Reg 20 In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Date General Journal Debit Credit 1 2022 Cost of construction Cash 2.347,000 2.347.000 2 2022 2.838,000 Accounts receivable Billings on construction contract olo 2.838.000 3 2022 Cash 2.900.000 Accounts receivable 2.900.000 4 2022 Service revenue Cost of construction Billings on construction contract 234,674 X 2.347.000 2.581.674 XStep by Step Solution
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