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 $ 2,059,000 $ 2,627,000 $2,655,400 Estimated costs to complete as of year - end 5,041,000 2,414, 000 0 Billings during the year 2,190,000 2,496,000 5,314,000 Cash collections during the year 1,895, 000 2,400, 000 5,705,000 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 $ 2,059,000 $ 2,627,000 $2,655,400 Estimated costs to complete as of year - end 5,041,000 2,414, 000 0 Billings during the year 2,190,000 2,496,000 5,314,000 Cash collections during the year 1,895, 000 2,400, 000 5,705,000 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).

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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