Beavis Construction Company was the low bidder on a construction project to build an earthen...
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Accounting
Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,860,000. The project was begun in 2023 and completed in 2024. Cost and other data are presented below:
2023
2024
Costs incurred during the year
$
432,000
$
1,160,000
Estimated costs to complete
1,008,000
0
Billings during the year
430,000
1,430,000
Cash collections during the year
330,000
1,530,000
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.)
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