Question

MHE Reader construction in progress balance sheet connect - Google Search In 2018, The Westgate Con Saved Help 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 2022 $2,400,000 $3,600,000 5,600,000 2,000,000 2,000,000 4,000,000 1,800,000 3,600,000 2023 $2,200,000 9 4,000,000 4,600,000 Westgate recognizes revenue over time according to percentage of completion. 2-a. In the journal below, complete the necessary journal entries for the year 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) Complete this question by entering your answers in the tabs below. Req 2A Reg 28 Reg 20 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.)

Answer 1

2a, 2b, 2c Journal Entries:

Journal Entries
Date	General Journal	Debit	Credit
2021	Construction In progress	2400000
	Materials, Cash, Payables		2400000
2021	Accounts Receivables	2000000
	Billings on Construction Contract		2000000
2021	Cash	1800000
	Accounts Receivables		1800000
2021	Construction In Progress	600000
	Construction Exp.	2400000
	Revenue from Contract		3000000
Date	General Journal	Debit	Credit
2022	Construction In progress	3600000
	Materials, Cash, Payables		3600000
2022	Accounts Receivables	4000000
	Billings on Construction Contract		4000000
2022	Cash	3600000
	Accounts Receivables		3600000
2022	Construction In Progress	900000
	Construction Exp.	3600000
	Revenue from Contract		4500000
Date	General Journal	Debit	Credit
2023	Construction In progress	2200000
	Materials, Cash, Payables		2200000
2023	Accounts Receivables	4000000
	Billings on Construction Contract		4000000
2023	Cash	4600000
	Accounts Receivables		4600000
2023	Construction In Progress	300000
	Construction Exp.	2200000
	Revenue from Contract		2500000