Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Same accounts for 2022 and 2023 thank you Required Information [The following information applies to the questions displayed below.) In 2021, the Westgate Construction Company

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Same accounts for 2022 and 2023 thank you

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, 280 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,581,080 6,319, eee 2,090, eee 1,845,800 2022 $2,347,000 2,772,eee 2,838,eee 2,900,00 5,072,800 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. Journal entry worksheet Record construction costs. Note: Enter debits before credits. Date General Journal Debit Credit 2021 Record entry Clear entry View general journal Journal entry worksheet 4 Record progress billings. Note: Enter debits before credits. General Journal Debit Credit Date 2021 Record entry Clear entry View general journal Req 2A Req 2B> Journal entry worksheet View transaction list Journal entry worksheet Record gross profit (loss). Note: Enter debits before credits General Journal Debit Credit Date 2021 Record entry Clear entry View general journal Reg 2A Req 2B >

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Tax Accounting

Authors: Greg Shields

1st Edition

163716128X, 978-1637161289

More Books

Students also viewed these Accounting questions

Question

Thane Coitie Lres ? Select ond istis

Answered: 1 week ago

Question

What are the objectives of job evaluation ?

Answered: 1 week ago

Question

Write a note on job design.

Answered: 1 week ago

Question

Compute the derivative of f(x)cos(-4/5x)

Answered: 1 week ago

Question

Discuss the process involved in selection.

Answered: 1 week ago

Question

Compare value orientations among cultures

Answered: 1 week ago

Question

Discuss the relationship between culture and the built environment

Answered: 1 week ago