Question: ReqB and ReqC are same as ReqA just with diffrent year Required information Problem 6-10 (Algo) Long-term contract; revenue recognition over time [LO6-8, 6-9] [The

![6-9] [The following information applies to the questions displayed below.] In 2021,](https://dsd5zvtm8ll6.cloudfront.net/si.experts.images/questions/2024/10/6718235cd80c5_1646718235c65fd6.jpg)




Required information Problem 6-10 (Algo) Long-term contract; revenue recognition over time [LO6-8, 6-9] [The following information applies to the questions displayed below.] In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023 . Information related to the contract is as follows: Westgate recognizes revenue over time according to percentage of completion. Problem 6-10 (Algo) Part 2 2-a. In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costs incurred). 2.b. In the journal below, complete the necessary joumal entries for the year 2022 (credit "Various accounts" for construction costs incurred). 2-c. In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts" for construction costs incurred). Complete this question by entering your answers in the tabs below. In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record construction costs. Note: Enter debits before credits. In the journal below, complete the necessary joumal entries for the year 2021 (credit "Various accounts" for construction costs incurred). (ir no entry is required for a transactionevent, select "No journal entry required" in the first account field.) Journal entry worksheet Notes Enter aebits berore creats. In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select "No jourmal entry required" In the first account fieldi) Journal entry worksheet Record cash collections. Note: Enter debits before credits. In the joumal below, complete the necessary jourmal entries for the year 2021 (credit "Various accounts" for construction costs incurred). (If ho entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record gross profit (loss). Note: Enter debas before rredits. In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts" for construction costs incurred). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
