90.2K

Verified Solution

Link Copied!

Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,790,000. The project was begun in 2023 and completed in 2024. Cost and other data are presented below: Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 2023 2024 $390,000 $1,090,000 910,000 500,000 1,290,000 400,000 1,390,000 Assume that Beavis recognizes revenue upon completion of the project. Required: Prepare all journal entries to record costs, billings, collections, and profit recognition (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 Record the entry for costs incurred during the year 2023. Note: Enter debits before credits General Journal Date 2023 Debit Credit Record entry Clear entry View general jour Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,790,000. The project was begun in 2023 and completed in 2024. Cost and other data are presented below. Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 2023 2024 $390,000 $1,090,000 910,000 500,000 1,290,000 400,000 1,390,000 Assume that Beavis recognizes revenue upon completion of the project. Required: Prepare all journal entries to record costs, billings, collections, and profit recognition (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet

Answer & Explanation Solved by verified expert

See Answer