Required information [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 Estimated costs to complete as of year-end Billings during the year $ 2,542,000 5,658,000 2,020,000 $ 3,772,000 $ 2,074,600 1,886,000 0 4,294,000 Cash collections during the year 1,810,000 3,800,000 3,686,000 4,390,000 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). Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 2C 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 list View journal entry worksheet No Date General Journal 1 2024 Construction in progress Cash, materials, etc. Debit Credit Σ
Required information [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 Estimated costs to complete as of year-end Billings during the year $ 2,542,000 5,658,000 2,020,000 $ 3,772,000 $ 2,074,600 1,886,000 0 4,294,000 Cash collections during the year 1,810,000 3,800,000 3,686,000 4,390,000 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). Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 2C 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 list View journal entry worksheet No Date General Journal 1 2024 Construction in progress Cash, materials, etc. Debit Credit Σ
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Required information
[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
Estimated costs to complete as of year-end
Billings during the year
$ 2,542,000
5,658,000
2,020,000
$ 3,772,000
1,886,000
4,294,000
$ 2,074,600
0
Cash collections during the year
1,810,000
3,800,000
3,686,000
4,390,000
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).
Complete this question by entering your answers in the tabs below.
Req 2A
Req 2B
Req 2C
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 list
View journal entry worksheet
No
Date
General Journal
1
2024
Construction in progress
Cash, materials, etc.
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa5dac22f-c298-4fb2-a949-829b8840d8ec%2Fc3620315-8ddd-480e-88aa-58b382a71d34%2Fch181wp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[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
Estimated costs to complete as of year-end
Billings during the year
$ 2,542,000
5,658,000
2,020,000
$ 3,772,000
1,886,000
4,294,000
$ 2,074,600
0
Cash collections during the year
1,810,000
3,800,000
3,686,000
4,390,000
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).
Complete this question by entering your answers in the tabs below.
Req 2A
Req 2B
Req 2C
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 list
View journal entry worksheet
No
Date
General Journal
1
2024
Construction in progress
Cash, materials, etc.
Debit
Credit
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