Beavis Construction Company was the low bidder on a construction project to build an earthen dam...
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Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,710,000. The project was begun in 2023 and completed in 2024. Cost and other data are presented below: 2024 Costs incurred during the year Estimated costs to complete Billings during the year 2023 $414,000 $1,010,000 966,000 0 Cash collections during the year 460,000 1,250,000 360,000 1,350,000 Assume that Beavis recognizes revenue on this contract over time according to percentage of completion. 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.) Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,710,000. The project was begun in 2023 and completed in 2024. Cost and other data are presented below: 2024 Costs incurred during the year Estimated costs to complete Billings during the year 2023 $414,000 $1,010,000 966,000 0 Cash collections during the year 460,000 1,250,000 360,000 1,350,000 Assume that Beavis recognizes revenue on this contract over time according to percentage of completion. 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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