2-a, 2-b, 2-c: Record construction costs. Record progress billings. Record cash collections. Record gross profit (loss). In

 

2-a, 2-b, 2-c: Record construction costs.

Record progress billings.

Record cash collections.

Record gross profit (loss).

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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 2021 $2,072,000 2022 $2,738,000 2023 $2,849,000 Estimated costs to complete as of year-end Billings during the year 5,328,000 2,160,000 Cash collections during the year 1,880,000 2,590,000 2,650,000 5,190,000 2,700,000 5,420,000 0 Westgate recognizes revenue over time according to percentage of completion. Part 2 2-a. In the journal incurred). 2-b. In the journal incurred). 2-c. In the journal incurred). , complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costs , complete the necessary journal entries for the year 2022 (credit "Various accounts" for construction costs , complete the necessary journal entries for the year 2023 (credit "Various accounts" for construction costs 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 2021 $2,072,000 2022 $2,738,000 2023 $2,849,000 Estimated costs to complete as of year-end Billings during the year 5,328,000 2,160,000 Cash collections during the year 1,880,000 2,590,000 2,650,000 5,190,000 2,700,000 5,420,000 0 Westgate recognizes revenue over time according to percentage of completion. Part 2 2-a. In the journal incurred). 2-b. In the journal incurred). 2-c. In the journal incurred). , complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costs , complete the necessary journal entries for the year 2022 (credit "Various accounts" for construction costs , complete the necessary journal entries for the year 2023 (credit "Various accounts" for construction costs

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Part 2 Journal Entries 2a Journal Entries for 2021 1 Recognize revenue over time according to percen... View the full answer