! 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 $2,581,000 6,319,000 2,090,000 1,845,000 2022 $2,347,000 2,772,000 2,838,000 2,900,000 2023 $3,049,200 0 5,072,000 5,255,000 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). Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 2c Required information Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 2c 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 2,347,000 Construction in progress Various accounts 2,347,000 2 2022 2,838,000 Accounts receivable Billings on construction contract 2,838,000 3 2022 Cash 2,900,000 Accounts receivable 2,900,000 4 2022 No journal entry required Req 2A Req 2B Req 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 1 2021 2,581,000 Construction in progress Various accounts 2,581,000 2 2021 Accounts receivable 2,090,000 Billings on construction contract 2,090,000 3 2021 Cash 1,845,000 Accounts receivable 1,845,000 4 2021 No journal entry required Required information Complete this question by entering your answers in the tabs below. Reg 2A Reg 2B Req 2C In the journal below, complete the necessary journal entries for the year 2023 (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 2023 Construction in progress 3,049,200 Various accounts 3,049,200 2 2023 5,072,000 Accounts receivable Billings on construction contract 5,072,000 3 2023 Cash 5,255,000 Accounts receivable 5,255,000 4 2023 Cost of construction 7,977,200 x Construction in progress 2,022,800 x Sales revenue x 10,000,000 X
