Required information Skip to question [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 2025 2026 Cost incurred during the year $ 2,016,000 $2,808,000 $2,613,600 Estimated costs to complete as of year-end 5, 184,000 2,376, 000 0 Billings during the year 2, 180,000 2,644,000 5, 176,000 Cash collections during the year 1,890,000 2,500,000 5,610,000 Westgate recognizes revenue over time according to percentage of completion. 2-a. In the journal below, complete the necessary journal entries for the year 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 Skip to question [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 2025 2026 Cost incurred during the year $ 2,016,000 $2,808,000 $2,613,600 Estimated costs to complete as of year-end 5, 184,000 2,376, 000 0 Billings during the year 2, 180,000 2,644,000 5, 176,000 Cash collections during the year 1,890,000 2,500,000 5,610,000 Westgate recognizes revenue over time according to percentage of completion. 2-a. In the journal below, complete the necessary journal entries for the year 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
Related questions
Question
![Required information Skip to question [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 2025 2026 Cost incurred during
the year $ 2,016,000 $2,808,000 $2,613,600 Estimated costs to complete as of year-end 5, 184,000 2,376, 000 0
Billings during the year 2, 180,000 2,644,000 5, 176,000 Cash collections during the year
1,890,000 2,500,000 5,610,000 Westgate recognizes revenue over time according to percentage of completion. 2-a.
In the journal below, complete the necessary journal entries for the year 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).](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F94979f84-ae63-47b5-9903-0d2e686c904d%2Fc44acab0-50ba-4fe7-8eea-2dab24963118%2Fogyus0p_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information Skip to question [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 2025 2026 Cost incurred during
the year $ 2,016,000 $2,808,000 $2,613,600 Estimated costs to complete as of year-end 5, 184,000 2,376, 000 0
Billings during the year 2, 180,000 2,644,000 5, 176,000 Cash collections during the year
1,890,000 2,500,000 5,610,000 Westgate recognizes revenue over time according to percentage of completion. 2-a.
In the journal below, complete the necessary journal entries for the year 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).
AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
Unlock instant AI solutions
Tap the button
to generate a solution
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education