Required information Problem 6-10 (Algo) Long-term contract; revenue recognition over time [LO6-8, 6-9) [The following information applies to the questions displayed below) 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 $2,059,000 5,041,000 2,190,000 1,895,000 2025 $2,627,000 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. 2,414,000 2,496,000 2,400,000 2026 $2,655,400 5,314,000 5,705,000 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)
Required information Problem 6-10 (Algo) Long-term contract; revenue recognition over time [LO6-8, 6-9) [The following information applies to the questions displayed below) 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 $2,059,000 5,041,000 2,190,000 1,895,000 2025 $2,627,000 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. 2,414,000 2,496,000 2,400,000 2026 $2,655,400 5,314,000 5,705,000 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)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Please do not give solution in image format ?.
Transcribed Image Text:Reg 28
Reg 20
In the journal below, complete the necessary journal entries for the year 2024 (credit "Cash, Materials, etc." for construction costs
incurred).
Note: If no entry is required for a transaction/event, select "No journal entry required in the first account field.
Reg 2A
View transaction list
Journal entry worksheet
Record construction costs.
Note: Enter debits before credits
Date
2024
Record entry
General Journal
Clear entry
ⒸHA
Debit
Credit
View general journal
Req 28 >
Transcribed Image Text:w
Required information
Problem 6-10 (Algo) Long-term contract; revenue recognition over time [LO6-8, 6-9)
[The following information applies to the questions displayed below)
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:
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.
2024
$2,059,000
5,041,000
2,190,000
1,895,000
Complete this question by entering your answers in the tabs below.
Reg 2A
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)
Reg 28
2025
$2,627,000
2,414,000
2,496,000
2,400,000
Reg 2C
2026
$2,655,400
5,314,000
5,705,000
In the journal below, complete the necessary journal entries for the year 2024 (credit "Cash, Materials, etc." for construction costs
incurred).
Note: If no entry is required for a transaction/event, select "No journal entry required in the first account field.
View transaction fiat
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