Required information Skip to question [The following information applies to the questions displayed below.] In 2024, 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 2026. Information related to the contract is as follows: 2024 2025 2026 Cost incurred during the year $ 2,016,000 $2,808,000 $2,613,600 Estimated costs to complete as of year-end 5, 184,000 2,376, 000 0 Billings during the year 2, 180,000 2,644,000 5, 176,000 Cash collections during the year 1,890,000 2,500,000 5,610,000 Westgate recognizes revenue over time according to percentage of completion. 2-a. In the journal below, complete the necessary journal entries for the year 2024 (credit "Cash, Materials, etc." for construction costs incurred). 2-b. In the journal below, complete the necessary journal entries for the year 2025 (credit "Cash, Materials, etc." for construction costs incurred). 2-c. In the journal below, complete the necessary journal entries for the year 2026 (credit "Cash, Materials, etc." for construction costs incurred).
Required information Skip to question [The following information applies to the questions displayed below.] In 2024, 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 2026. Information related to the contract is as follows: 2024 2025 2026 Cost incurred during the year $ 2,016,000 $2,808,000 $2,613,600 Estimated costs to complete as of year-end 5, 184,000 2,376, 000 0 Billings during the year 2, 180,000 2,644,000 5, 176,000 Cash collections during the year 1,890,000 2,500,000 5,610,000 Westgate recognizes revenue over time according to percentage of completion. 2-a. In the journal below, complete the necessary journal entries for the year 2024 (credit "Cash, Materials, etc." for construction costs incurred). 2-b. In the journal below, complete the necessary journal entries for the year 2025 (credit "Cash, Materials, etc." for construction costs incurred). 2-c. In the journal below, complete the necessary journal entries for the year 2026 (credit "Cash, Materials, etc." for construction costs incurred).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Required information Skip to question [The following information applies to the questions displayed below.] In 2024, 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 2026. Information related to the contract is as follows: 2024 2025 2026 Cost incurred during
the year $ 2,016,000 $2,808,000 $2,613,600 Estimated costs to complete as of year-end 5, 184,000 2,376, 000 0
Billings during the year 2, 180,000 2,644,000 5, 176,000 Cash collections during the year
1,890,000 2,500,000 5,610,000 Westgate recognizes revenue over time according to percentage of completion. 2-a.
In the journal below, complete the necessary journal entries for the year 2024 (credit "Cash, Materials, etc." for
construction costs incurred). 2-b. In the journal below, complete the necessary journal entries for the year 2025 (credit
"Cash, Materials, etc." for construction costs incurred). 2-c. In the journal below, complete the necessary journal
entries for the year 2026 (credit "Cash, Materials, etc." for construction costs incurred).](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb3dd7365-ec7e-4dea-9d53-10d2d9a1dc70%2F6e62557f-295e-4b7c-b877-b035b39cc54f%2Ffq9l2t_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information Skip to question [The following information applies to the questions displayed below.] In 2024, 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 2026. Information related to the contract is as follows: 2024 2025 2026 Cost incurred during
the year $ 2,016,000 $2,808,000 $2,613,600 Estimated costs to complete as of year-end 5, 184,000 2,376, 000 0
Billings during the year 2, 180,000 2,644,000 5, 176,000 Cash collections during the year
1,890,000 2,500,000 5,610,000 Westgate recognizes revenue over time according to percentage of completion. 2-a.
In the journal below, complete the necessary journal entries for the year 2024 (credit "Cash, Materials, etc." for
construction costs incurred). 2-b. In the journal below, complete the necessary journal entries for the year 2025 (credit
"Cash, Materials, etc." for construction costs incurred). 2-c. In the journal below, complete the necessary journal
entries for the year 2026 (credit "Cash, Materials, etc." for construction costs incurred).
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