Required Information [The following information applies to the questions displayed below.] In 2021, 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 2023. 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 2021 $2,640,000 6,160,000 2,080,000 1,840,000 2822 $2,300,000 2,660,000 2,860,000 5,060,000 5,360,000 2,800,000 2023 $2,926,000 Westgate recognizes revenue over time according to percentage of completion. 8 2-a. In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costs incurred). 2-b. In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts" for construction costs incurred). 2-c. In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts for construction costs incurred).
Required Information [The following information applies to the questions displayed below.] In 2021, 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 2023. 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 2021 $2,640,000 6,160,000 2,080,000 1,840,000 2822 $2,300,000 2,660,000 2,860,000 5,060,000 5,360,000 2,800,000 2023 $2,926,000 Westgate recognizes revenue over time according to percentage of completion. 8 2-a. In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costs incurred). 2-b. In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts" for construction costs incurred). 2-c. In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts for construction costs incurred).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please help with attached questions, thanks.
![Required Information
[The following information applies to the questions displayed below.]
In 2021, 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 2023. 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.
Complete this question by entering your answers in the tabs below.
View transaction list
2-a. In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts for construction costs
incurred).
2-b. In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts" for construction costs
incurred).
2-c. In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts for construction costs
incurred).
Journal entry worksheet
<
1 2 3 4
Record construction costs.
Req 2A
Req 2B
In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costs
incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Note: Enter debits before credits.
Req 2C
Date
2021
2021
2822
$2,640,000 $2,300,000
6,160,000 2,660,000
2,080,000 2,860,000
1,840,000 2,800,000
Record entry
General Journal
Clear entry
Debit
2023
$2,926,000
Credit
View general journal
8
5,060,000
5,360,000
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Transcribed Image Text:Required Information
[The following information applies to the questions displayed below.]
In 2021, 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 2023. 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.
Complete this question by entering your answers in the tabs below.
View transaction list
2-a. In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts for construction costs
incurred).
2-b. In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts" for construction costs
incurred).
2-c. In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts for construction costs
incurred).
Journal entry worksheet
<
1 2 3 4
Record construction costs.
Req 2A
Req 2B
In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costs
incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Note: Enter debits before credits.
Req 2C
Date
2021
2021
2822
$2,640,000 $2,300,000
6,160,000 2,660,000
2,080,000 2,860,000
1,840,000 2,800,000
Record entry
General Journal
Clear entry
Debit
2023
$2,926,000
Credit
View general journal
8
5,060,000
5,360,000
>
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