In February 2023, Wildhorse Construction signed a contract and commenced construction on a parking garage. The...

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In February 2023, Wildhorse Construction signed a contract and commenced construction on a parking garage. The total contract price was $90.81 million and was expected to be completed in July 2027 at a total estimated cost of $83.0 million. Payment by the customer was to be made in several stages, based on significant events and dates throughout the construction timeline. The customer was to have control over the parking garage and was able to make major changes to the project during the construction process. Wildhorse's year-end was September 30. By the end of September, 2023, Wildhorse had incurred $12,450,000 in costs and had invoiced $10,400,000 in progress billings. $7,810,000 of the progress billings had been collected. By September 30, 2024, Wildhorse had incurred $43,450,000 in total costs and had invoiced $45,002,000 in progress billings, including the progress billings in 2023. Of the total billings, $30,000,000 in total had been collected. Also, Wildhorse reviewed its cost estimates on the project, and now believed the parking garage would cost $79.00 million in total to complete. Prepare all journal entries required for the year ended September 30, 2023. Use Materials, Cash, Payables for costs incurred to date. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) No. Account Titles and Explanation Debit Credit 1. 2. (To record the 2023 cost of construction) (To record the 2023 progress billings) Prepare all journal entries required for the year ended September 30, 2023. Use Materials, Cash, Payables for costs incurred to date. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) No. Account Titles and Explanation Debit Credit 1. 2. (To record the 2023 cost of construction) 3. (To record the 2023 progress billings) 4. 5. (To record the 2023 cash collections) (To record the 2023 revenue) (To record the construction expenses) List of Accounts Prepare all journal entries required for the year ended September 30, 2024. Use Materials, Cash, Payables for costs incurred to date. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) No Account Titles and Explanation 1. Debit Credit 2. (To record the 2024 cost of construction) 3. (To record the 2024 progress billings) 4. (To record the 2024 cash collections) 5. (To record the 2024 revenue) (To record the 2024 expenses) List of Accounts List of Accounts Accounts Payable Accounts Receivable Advertising Expense Allowance for Doubtful Accounts Allowance for Sales Returns and Allowances Billings on Construction in Process Cash Commission Expense Commission Revenue Compensation Expense Consignment Sales Construction Expenses Construction in Process Contract Asset/Liability Cost of Goods Sold Estimated Inventory Returns Finished Goods Inventory Interest Expense Interest Income Interest Payable Interest Receivable Inventory Inventory on Consignment Loss from Long-Term Contracts Materials, Cash, Payables Miscellaneous Expense No Entry Notes Receivable Office Expense Refund Liability Rent Revenue Returned Inventory Revenue from Consignment Sales Revenue from Long-Term Contracts Sales Discounts Sales Discounts Forfeited Sales Returns and Allowances Sales Revenue Service Revenue Unearned Rent Revenue Unearned Revenue Utilities Expense Warranty Expense Warranty Liability Warranty Revenue Assistance Used In February 2023, Wildhorse Construction signed a contract and commenced construction on a parking garage. The total contract price was $90.81 million and was expected to be completed in July 2027 at a total estimated cost of $83.0 million. Payment by the customer was to be made in several stages, based on significant events and dates throughout the construction timeline. The customer was to have control over the parking garage and was able to make major changes to the project during the construction process. Wildhorse's year-end was September 30. By the end of September, 2023, Wildhorse had incurred $12,450,000 in costs and had invoiced $10,400,000 in progress billings. $7,810,000 of the progress billings had been collected. By September 30, 2024, Wildhorse had incurred $43,450,000 in total costs and had invoiced $45,002,000 in progress billings, including the progress billings in 2023. Of the total billings, $30,000,000 in total had been collected. Also, Wildhorse reviewed its cost estimates on the project, and now believed the parking garage would cost $79.00 million in total to complete. Prepare all journal entries required for the year ended September 30, 2023. Use Materials, Cash, Payables for costs incurred to date. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) No. Account Titles and Explanation Debit Credit 1. 2. (To record the 2023 cost of construction) (To record the 2023 progress billings) Prepare all journal entries required for the year ended September 30, 2023. Use Materials, Cash, Payables for costs incurred to date. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) No. Account Titles and Explanation Debit Credit 1. 2. (To record the 2023 cost of construction) 3. (To record the 2023 progress billings) 4. 5. (To record the 2023 cash collections) (To record the 2023 revenue) (To record the construction expenses) List of Accounts Prepare all journal entries required for the year ended September 30, 2024. Use Materials, Cash, Payables for costs incurred to date. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) No Account Titles and Explanation 1. Debit Credit 2. (To record the 2024 cost of construction) 3. (To record the 2024 progress billings) 4. (To record the 2024 cash collections) 5. (To record the 2024 revenue) (To record the 2024 expenses) List of Accounts List of Accounts Accounts Payable Accounts Receivable Advertising Expense Allowance for Doubtful Accounts Allowance for Sales Returns and Allowances Billings on Construction in Process Cash Commission Expense Commission Revenue Compensation Expense Consignment Sales Construction Expenses Construction in Process Contract Asset/Liability Cost of Goods Sold Estimated Inventory Returns Finished Goods Inventory Interest Expense Interest Income Interest Payable Interest Receivable Inventory Inventory on Consignment Loss from Long-Term Contracts Materials, Cash, Payables Miscellaneous Expense No Entry Notes Receivable Office Expense Refund Liability Rent Revenue Returned Inventory Revenue from Consignment Sales Revenue from Long-Term Contracts Sales Discounts Sales Discounts Forfeited Sales Returns and Allowances Sales Revenue Service Revenue Unearned Rent Revenue Unearned Revenue Utilities Expense Warranty Expense Warranty Liability Warranty Revenue Assistance Used