Question: CH Required information The following information applies to the questions displayed below.) In 2021, the Westgate Construction Company entered into a contract to construct a

 CH Required information The following information applies to the questions displayedbelow.) In 2021, the Westgate Construction Company entered into a contract toconstruct a road for Santa Clara County for $10,000,000. The road wascompleted in 2023. Information related to the contract is as follows: 20212022 2023 Cost incurred during the year $2,550,000 $4,250,000 Estimated costs tocomplete as of year and $1,870,000 5,950,000 1,700,000 Billings during the year2,050,000 4,750,000 3,200,000 Cash collections during the year 1,825,000 4,100,000 4,075,000 Westgaterecognizes revenue over time according to percentage of completion 2-o. In thejournal below.complete the necessary journal entries for the year 2021 (credit "Variousaccounts for construction costs incurred) 2-b. In the journal below.complete the necessaryjoumal entries for the year 2022 (credit Varlous accounts for construction costsIncuired) 2.c. In the Journal below.complete the necessary journal entries for theyear 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) View transaction
list Journal entry worksheet Record construction costs Note: Enter debits before credits
General Journal Debit Credit Date 2021 View transaction list Journal entry worksheet
Record cash collections. Note: Enter debits before credits Date General Journal Debit
Credit 2022 View general journal Record entry Clear entry Journal entry worksheet
Record gross profit (loss). Note: Enter debits before credits Date General Journal
Debit Credit 2023 Clear entry Record entry View general Journal
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CH Required information 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: 2021 2022 2023 Cost incurred during the year $2,550,000 $4,250,000 Estimated costs to complete as of year and $1,870,000 5,950,000 1,700,000 Billings during the year 2,050,000 4,750,000 3,200,000 Cash collections during the year 1,825,000 4,100,000 4,075,000 Westgate recognizes revenue over time according to percentage of completion 2-o. 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 Varlous accounts for construction costs Incuired) 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) View transaction list Journal entry worksheet Record construction costs Note: Enter debits before credits General Journal Debit Credit Date 2021 View transaction list Journal entry worksheet Record cash collections. Note: Enter debits before credits Date General Journal Debit Credit 2022 View general journal Record entry Clear entry Journal entry worksheet Record gross profit (loss). Note: Enter debits before credits Date General Journal Debit Credit 2023 Clear entry Record entry View general Journal

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