Business, 06.12.2021 20:00 lilrider777

Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,820,000. The project was begun in 2023 and completed in 2024. Cost and other data are presented below: 2023 2024 Costs incurred during the year $ 518,000 $ 1,120,000 Estimated costs to complete 962,000 0 Billings during the year 410,000 1,410,000 Cash collections during the year 310,000 1,510,000
Assume that Beavis recognizes revenue on this contract over time according to percentage of completion.
Required:
Prepare all journal entries to record costs, billings, collections, and profit recognition.

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Beavis Construction Company was the low bidder on a construction project to build an earthen dam for...

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