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Complete the necessary journal entries for the year

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Question - 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: 2,580,000 4,042,000 2,175,800

Est. costs to complete for year-end: 6,020,000 1,978,000 0

Billings during the year: 2,060,000 4,562,000 3,378,000

Cash collections during the year 1,830,000 4,200,000 3,970,000

Westgate recognizes revenue over time according to percentage of completion.

a. Complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costs incurred).

b. Complete the necessary journal entries for the year 2022 (credit "Various accounts" for construction costs incurred).

c. Complete the necessary journal entries for the year 2023 (credit "Various accounts" for construction costs incurred).

Reference no: EM132662585

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