Required information

Skip to question

[The following information applies to the questions displayed below.] During 20x2, Long Construction Corporation entered into a fix price contract to construct a two-lane bridge for $10,000,000. The bridge was completed in 20x4. Information related to the contract is as follows:

	20x2	20x3	20x4
Cost incurred during the year	$	2,581,000		$	2,347,000		$	3,049,200
Estimated costs to complete as of year-end		6,319,000			2,772,000			0
Billings during the year		2,090,000			2,838,000			5,072,000
Cash collections during the year		1,845,000			2,900,000			5,255,000

Long recognizes revenue over time according to percentage of completion.

2-a. In the journal below, complete the necessary journal entries for the year 20x2 (credit "Various accounts" for construction costs incurred). 2-b. In the journal below, complete the necessary journal entries for the year 20x3 (credit "Various accounts" for construction costs incurred). 2-c. In the journal below, complete the necessary journal entries for the year 20x4 (credit "Various accounts" for construction costs incurred).

2-a. In the journal below, complete the necessary journal entries for the year 202 (credit "Various accounts" for construction costs incurred). 2-b. In the journal below, complete the necessary journal entries for the year 20x3 (credit "Various accounts" for construction costs incurred). 2-c. In the journal below, complete the necessary journal entries for the year 204 (credit "Various accounts" for construction costs incurred). Complete this question by entering your answers in the tabs below. In the journal below, complete the necessary journal entries for the year 202 (credit "Various accounts" fo (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2-a. In the journal below, complete the necessary journal entries for the year 202 (credit "Various accounts" for construction costs incurred). 2-b. In the journal below, complete the necessary journal entries for the year 203 (credit "Various accounts" for construction costs incurred). 2-c. In the journal below, complete the necessary journal entries for the year 204 (credit "Various accounts" for construction costs incurred). Complete this question by entering your answers in the tabs below. In the journal below, complete the necessary journal entries for the year 203 (credit "Various accounts" (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 2-a. In the journal below, complete the necessary journal entries for the year 202 (credit "Various accounts" for construction costs incurred). 2-b. In the journal below, complete the necessary journal entries for the year 203 (credit "Various accounts" for construction costs incurred). 2-c. In the journal below, complete the necessary journal entries for the year 204 (credit "Various accounts" for construction costs incurred). Complete this question by entering your answers in the tabs below. In the journal below, complete the necessary journal entries for the year 204 (credit "Various accounts" fo (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)