FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Contract Costing
Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required…
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Arizona Desert Homes (ADH) constructed a new subdivision during 2023 and 2024 under contract with Cactus Development Company. Relevant data are summarized below: Contract amount Cost: Gross profit: Contract billings: 2023 2024 2023 2024 2023 2024 $3,000,000 1,200,000 600,000 800,000 400,000 1,500,000 1,500,000 ADH recognizes revenue upon completion of the contract. For 2023, what is the journal entry to record revenue?
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Transcribed Image Text:Arizona Desert Homes (ADH) constructed a new subdivision during 2023 and 2024 under contract with Cactus Development Company. Relevant data are summarized below: Contract amount Cost: Gross profit: Contract billings: 2023 2024 2023 2024 2023 2024 $3,000,000 1,200,000 600,000 800,000 400,000 1,500,000 1,500,000 ADH recognizes revenue upon completion of the contract. For 2023, what is the journal entry to record revenue?
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