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:202120222023Cost incurred during the yearEstimated costs to complete as of year-endBillings during the yearCash collections during the year$2,100,0004,900,0002,200,0001,900,000$2,450,0002,450, 0002,350,0002,300,000$2,695,0005,450,0005,800,000Westgate recognizes revenue over time according to percentage of completion.2-a. In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costsincurred).2-b. In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts" for construction costsincurred).2-c. In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts" for construction costsincurred).Complete this question by entering your answers in the tabs below.Req 2AReq 28Reg 20In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costsincurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)View transaction listJournal entry worksheet2 3 4>Record construction costs.

Revenue this year =((Cost incurrred/total expected cost)*total expected revenue)-Revenue earlier…

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: 2021 $2,100,000 $2,450,000 $2,695,000 4,900,000 2,200,000 1,900,000 2022 2023 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2,450,000 2,350,000 2,300,000 5,450,000 5,800,000 Westgate recognizes revenue over time according to percentage of completion. the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costs ed). n the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts" for construction costs ed). the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts" for construction costs ed).

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: 2021 $2,100,000 $2,450,000 $2,695,000 4,900,000 2,200,000 1,900,000 2022 2023 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2,450,000 2,350,000 2,300,000 5,450,000 5,800,000 Westgate recognizes revenue over time according to percentage of completion. the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costs ed). n the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts" for construction costs ed). the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts" for construction costs ed).

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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