Question: An entity has two long-term construction contracts, one of which qualifies for revenue recognition over time and the other which revenue must be measured at

An entity has two long-term construction contracts, one of which qualifies for revenue recognition over time and the other which revenue must be measured at a point in time. For either of these two contracts, what account would be debited when preparing the journal entry to record billings? Qualifies Does Not Qualify

a. Billings Cash

b. Construction Receivable Construction Receivable

c. Cash Billings

d. Constructions in Progress Construction in Progress

Multiple Choice Option d Option c Option a Option b

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