In 2024, 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 2026. Information related to the contract is as follows: 2024 $ 2,490,000 5,810,000 2,030,000 1,815,000 2025 $ 3,984,000 1,826,000 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year Westgate recognizes revenue over time according to percentage of completion. 4,444,000 3,900,000 2026 $ 2,008,600 e 3,526,000 4,285,000 Problem 6-10 (Algo) Part 2 2-a. In the journal below, complete the necessary Journal entries for the year 2024 (credit "Cash, Materials, etc. for construction costs incurred). 2-b. In the journal below, complete the necessary Journal entries for the year 2025 (credit "Cash, Materials, etc." for construction costs incurred). 2-c. In the Journal below, complete the necessary Journal entries for the year 2026 (credit "Cash, Materials, etc." for construction costs incurred).

In 2024, 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 2026. Information related to the contract is as follows: 2024 $ 2,490,000 5,810,000 2,030,000 1,815,000 2025 $ 3,984,000 1,826,000 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year Westgate recognizes revenue over time according to percentage of completion. 4,444,000 3,900,000 2026 $ 2,008,600 e 3,526,000 4,285,000 Problem 6-10 (Algo) Part 2 2-a. In the journal below, complete the necessary Journal entries for the year 2024 (credit "Cash, Materials, etc. for construction costs incurred). 2-b. In the journal below, complete the necessary Journal entries for the year 2025 (credit "Cash, Materials, etc." for construction costs incurred). 2-c. In the Journal below, complete the necessary Journal entries for the year 2026 (credit "Cash, Materials, etc." for construction costs incurred).

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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