Problem Algo Longterm contract; revenue recognition over time LO
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In the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $ The road was completed in Information related to the contract is as follows:
Cost incurred during the year $ $ $
Estimated costs to complete as of yearend
Billings during the year
Cash collections during the year
Westgate recognizes revenue over time according to percentage of completion.
Problem Algo Part
a In the journal below, complete the necessary journal entries for the year credit Cash Materials, etc. for construction costs incurred
b In the journal below, complete the necessary journal entries for the year credit Cash Materials, etc. for construction costs incurred
c In the journal below, complete the necessary journal entries for the year credit Cash Materials, etc. for construction costs incurred
