BnD Construction Co. successfully tendered for a 3-year contract to erect some warehousefacilities in Gros Islet. The following information has been provided.Contract price - $25 000 000Cost during yearEstimated cost to completeProgress billings to dateCash collected to datePrepare the following journal entries:1. To record construction cost2. To record billings3. To record collections4. To record revenue2021$ 4 000 00016 000 0004 500 0004 200 0002022$8 000 0008 050 00011 500 00011 000 0002023$8 100 000이25 000 00025 000 000

Particulars Debit Credityear 2021:Construction Work in Progress $4,000,000…

Answered: Prepare the following journal entries:…

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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Prepare the following journal entries: 1. To record construction cost 2. To record billings 3. To record collections 4. To record revenue