Question: q2. An entity has two long-term construction contracts, one of which qualifies for revenue recognition while the performance obligation is being met and the other

q2. An entity has two long-term construction contracts, one of which qualifies for revenue recognition while the performance obligation is being met and the other which does not. For either of these two contracts, what account would be debited when preparing the journal entry to record billings?

a. Qualifies Does Not Qualify

b. Cash Billings

c.Construction in Progres Construction in Progress

d. Construction Receivable Construction Receivable

e. Billings Cash

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