Question: Help Save & Exit Submit Arizona Desert Homes (ADH) constructed a new subdivision during 2023 and 2024 under contract with Cactus Development Company. Relevant

Help Save & Exit Submit Arizona Desert Homes (ADH) constructed a new subdivision during 2023 and 2024 under contract with Cactus Development Company. Relevant

Help Save & Exit Submit Arizona Desert Homes (ADH) constructed a new subdivision during 2023 and 2024 under contract with Cactus Development Company. Relevant data are summarized below: Contract amount Cost: 32 Gross profit: Contract billings: $ 2,955,000 2023 1,190,000 2024 590,000 2023 785,000 2024 390,000 2023 1,477,500 2024 1,477,500 ADH recognizes revenue upon completion of the contract. What is the journal entry in 2024 to record revenue? Account Title Construction in progress Cost of construction Revenue from long-term contracts Account Title Accounts receivable Revenue from long-term contracts Account Title Cost of construction Gross profit Revenue from long-term contracts Debit Credit 390,000 590,000 980,000 Debit 1,477,500 Credit 1,477,500 Debit Credit 1,975,000 980,000 2,955,000 Account Title Construction in progress Debit 1,175,000 Credit Cost of construction 1,780,000 Revenue from long-term contracts 2,955,000

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