Home / Business / Recording Long-Term Construction: Recognize Revenue at a Point in Time and Over Time Watson Construction Company contracted to build a plant for $500,000. Construction started in January 2020 and was completed in November 2021. Watson uses the cost-to-cost method to measure the completion of its performance obligations. Data relating to the contract follow. Recording Long-Term Construction: Recognize Revenue at a Point in Time and Over Time Watson Construction Company contracted to build a plant for $500,000. Construction started in January 2020 and was completed in November 2021. Watson uses the cost-to-cost method to measure the completion of its performance obligations. Data relating to the contract follow. 2021 Costs incurred during year 2020 $290,000 $120,000 0 Estimated additional costs to complete 125,000 Billings during year 270,000 230,000 Cash collections during year 250,000 250,000 Revenue Recognized at a Point in Time Revenue Recognized Over Time a. Provide the 2020 and 2021 journal entries for Watson assuming revenue is recognized at a point in time. Provide entries for (1) construction costs incurred, (2) progress billings, (3) cash collections, and (4) revenues and expenses. • Note: If a journal entry isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Cr. answers blank (zero). Date Cr. Account Name 2020 (1) Construction in Process + Cash, Payables, etc. Dr. 290,000 0 270,000 0 250,000 0 290,000 0 270,000 2020 (2) Accounts Receivable Billings on Contracts 2020 (3) Cash 0 Accounts Receivable 0 250,000 2020 (4) N/A N/A To record revenue from contract. N/A N/A To record cost of contract. 2021 (1) Construction in Process Cash, Payables, etc. 2021 (2) Accounts Receivable Billings on Contracts 2021 (3) Billings on Contracts 2021 (4) Cost of Construction + + + + + + Revenue from Long-Term Contracts Construction in Process + To record revenue from contract. + + To record cost of contract. OO 0 0 0 OO 0 120,000 0 0 0 0 0 OO 0 0 OO 0 0 OO 0 0 0 0 0 120,000 0 0 OOO 0 0 0 0 OO 0 Recording Long-Term Construction: Recognize Revenue at a Point in Time and Over Time Watson Construction Company contracted to build a plant for $500,000. Construction started in January 2020 and was completed in November 2021. Watson uses the cost-to-cost method to measure the completion of its performance obligations. Data relating to the contract follow. 2020 2021 $290,000 $120,000 Costs incurred during year Estimated additional costs to complete 125,000 0 Billings during year 270,000 230,000 Cash collections during year 250,000 250,000 Revenue Recognized at a Point in Time Revenue Recognized Over Time b. Provide the 2020 and 2021 journal entries for Watson assuming revenue is recognized over time. Provide entries for (1) construction costs incurred, (2) progress billings, (3) cash collections, (4) revenues and expenses, and (5) to close out accounts upon completion of the contract. • Note: If a journal entry isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Cr. answers blank (zero). • Note: List multiple debits or credits (when applicable) in alphabetical order according to the first letter of the account name. • Note: Round amounts to the nearest whole dollar. Dr. Cr. Date 2020 (1) Account Name Construction in Process + Cash, Payables, etc. 2020 (2) Accounts Receivable + Billings on Contracts 2020 (3) Cash Accounts Receivable 2020 (4) 2021 (1) Construction in Process Cash, Payables, etc. 2021 (2) 2021 (3) 2021 (4) 2021 (5) Billings on Contracts Cost of Construction AP + + + + + + + 0 0 0 + + + OOO 0 0 0 OO 0 " OO 0 0 0 0 0 0 0 0 0 0 OOO 0 0 0 0 OOOO 0 0 0 0 OOOO 0 0 0 0 oooo 0 0 0 0 0 0 OOO 0 0 0 0 0 Cash Accounts Receivable Accounts Payable Retained Earnings Construction in Process Billings on Contracts Revenue from Long-Term Contracts Cost of Construction Loss from Long-Term Contracts N/A

Question Recording Long-Term Construction: Recognize Revenue at a Point in Time and Over Time Watson Construction Company contracted to build a plant for $500,000. Construction started in January 2020 and was completed in November 2021. Watson uses the cost-to-cost method to measure the completion of its performance obligations. Data relating to the contract follow. Recording Long-Term Construction: Recognize Revenue at a Point in Time and Over Time Watson Construction Company contracted to build a plant for $500,000. Construction started in January 2020 and was completed in November 2021. Watson uses the cost-to-cost method to measure the completion of its performance obligations. Data relating to the contract follow. 2021 Costs incurred during year 2020 $290,000 $120,000 0 Estimated additional costs to complete 125,000 Billings during year 270,000 230,000 Cash collections during year 250,000 250,000 Revenue Recognized at a Point in Time Revenue Recognized Over Time a. Provide the 2020 and 2021 journal entries for Watson assuming revenue is recognized at a point in time. Provide entries for (1) construction costs incurred, (2) progress billings, (3) cash collections, and (4) revenues and expenses. • Note: If a journal entry isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Cr. answers blank (zero). Date Cr. Account Name 2020 (1) Construction in Process + Cash, Payables, etc. Dr. 290,000 0 270,000 0 250,000 0 290,000 0 270,000 2020 (2) Accounts Receivable Billings on Contracts 2020 (3) Cash 0 Accounts Receivable 0 250,000 2020 (4) N/A N/A To record revenue from contract. N/A N/A To record cost of contract. 2021 (1) Construction in Process Cash, Payables, etc. 2021 (2) Accounts Receivable Billings on Contracts 2021 (3) Billings on Contracts 2021 (4) Cost of Construction + + + + + + Revenue from Long-Term Contracts Construction in Process + To record revenue from contract. + + To record cost of contract. OO 0 0 0 OO 0 120,000 0 0 0 0 0 OO 0 0 OO 0 0 OO 0 0 0 0 0 120,000 0 0 OOO 0 0 0 0 OO 0 Recording Long-Term Construction: Recognize Revenue at a Point in Time and Over Time Watson Construction Company contracted to build a plant for $500,000. Construction started in January 2020 and was completed in November 2021. Watson uses the cost-to-cost method to measure the completion of its performance obligations. Data relating to the contract follow. 2020 2021 $290,000 $120,000 Costs incurred during year Estimated additional costs to complete 125,000 0 Billings during year 270,000 230,000 Cash collections during year 250,000 250,000 Revenue Recognized at a Point in Time Revenue Recognized Over Time b. Provide the 2020 and 2021 journal entries for Watson assuming revenue is recognized over time. Provide entries for (1) construction costs incurred, (2) progress billings, (3) cash collections, (4) revenues and expenses, and (5) to close out accounts upon completion of the contract. • Note: If a journal entry isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Cr. answers blank (zero). • Note: List multiple debits or credits (when applicable) in alphabetical order according to the first letter of the account name. • Note: Round amounts to the nearest whole dollar. Dr. Cr. Date 2020 (1) Account Name Construction in Process + Cash, Payables, etc. 2020 (2) Accounts Receivable + Billings on Contracts 2020 (3) Cash Accounts Receivable 2020 (4) 2021 (1) Construction in Process Cash, Payables, etc. 2021 (2) 2021 (3) 2021 (4) 2021 (5) Billings on Contracts Cost of Construction AP + + + + + + + 0 0 0 + + + OOO 0 0 0 OO 0 " OO 0 0 0 0 0 0 0 0 0 0 OOO 0 0 0 0 OOOO 0 0 0 0 OOOO 0 0 0 0 oooo 0 0 0 0 0 0 OOO 0 0 0 0 0 Cash Accounts Receivable Accounts Payable Retained Earnings Construction in Process Billings on Contracts Revenue from Long-Term Contracts Cost of Construction Loss from Long-Term Contracts N/A

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Transcribed Image Text: Recording Long-Term Construction: Recognize Revenue at a Point in Time and Over Time Watson Construction Company contracted to build a plant for $500,000. Construction started in January 2020 and was completed in November 2021. Watson uses the cost-to-cost method to measure the completion of its performance obligations. Data relating to the contract follow. 2021 Costs incurred during year 2020 $290,000 $120,000 0 Estimated additional costs to complete 125,000 Billings during year 270,000 230,000 Cash collections during year 250,000 250,000 Revenue Recognized at a Point in Time Revenue Recognized Over Time a. Provide the 2020 and 2021 journal entries for Watson assuming revenue is recognized at a point in time. Provide entries for (1) construction costs incurred, (2) progress billings, (3) cash collections, and (4) revenues and expenses. • Note: If a journal entry isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Cr. answers blank (zero). Date Cr. Account Name 2020 (1) Construction in Process + Cash, Payables, etc. Dr. 290,000 0 270,000 0 250,000 0 290,000 0 270,000 2020 (2) Accounts Receivable Billings on Contracts 2020 (3) Cash 0 Accounts Receivable 0 250,000 2020 (4) N/A N/A To record revenue from contract. N/A N/A To record cost of contract. 2021 (1) Construction in Process Cash, Payables, etc. 2021 (2) Accounts Receivable Billings on Contracts 2021 (3) Billings on Contracts 2021 (4) Cost of Construction + + + + + + Revenue from Long-Term Contracts Construction in Process + To record revenue from contract. + + To record cost of contract. OO 0 0 0 OO 0 120,000 0 0 0 0 0 OO 0 0 OO 0 0 OO 0 0 0 0 0 120,000 0 0 OOO 0 0 0 0 OO 0 Recording Long-Term Construction: Recognize Revenue at a Point in Time and Over Time Watson Construction Company contracted to build a plant for $500,000. Construction started in January 2020 and was completed in November 2021. Watson uses the cost-to-cost method to measure the completion of its performance obligations. Data relating to the contract follow. 2020 2021 $290,000 $120,000 Costs incurred during year Estimated additional costs to complete 125,000 0 Billings during year 270,000 230,000 Cash collections during year 250,000 250,000 Revenue Recognized at a Point in Time Revenue Recognized Over Time b. Provide the 2020 and 2021 journal entries for Watson assuming revenue is recognized over time. Provide entries for (1) construction costs incurred, (2) progress billings, (3) cash collections, (4) revenues and expenses, and (5) to close out accounts upon completion of the contract. • Note: If a journal entry isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Cr. answers blank (zero). • Note: List multiple debits or credits (when applicable) in alphabetical order according to the first letter of the account name. • Note: Round amounts to the nearest whole dollar. Dr. Cr. Date 2020 (1) Account Name Construction in Process + Cash, Payables, etc. 2020 (2) Accounts Receivable + Billings on Contracts 2020 (3) Cash Accounts Receivable 2020 (4) 2021 (1) Construction in Process Cash, Payables, etc. 2021 (2) 2021 (3) 2021 (4) 2021 (5) Billings on Contracts Cost of Construction AP + + + + + + + 0 0 0 + + + OOO 0 0 0 OO 0 " OO 0 0 0 0 0 0 0 0 0 0 OOO 0 0 0 0 OOOO 0 0 0 0 OOOO 0 0 0 0 oooo 0 0 0 0 0 0 OOO 0 0 0 0 0 Cash Accounts Receivable Accounts Payable Retained Earnings Construction in Process Billings on Contracts Revenue from Long-Term Contracts Cost of Construction Loss from Long-Term Contracts N/A
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Transcribed Image Text: Recording Long-Term Construction: Recognize Revenue at a Point in Time and Over Time Watson Construction Company contracted to build a plant for $500,000. Construction started in January 2020 and was completed in November 2021. Watson uses the cost-to-cost method to measure the completion of its performance obligations. Data relating to the contract follow. 2021 Costs incurred during year 2020 $290,000 $120,000 0 Estimated additional costs to complete 125,000 Billings during year 270,000 230,000 Cash collections during year 250,000 250,000 Revenue Recognized at a Point in Time Revenue Recognized Over Time a. Provide the 2020 and 2021 journal entries for Watson assuming revenue is recognized at a point in time. Provide entries for (1) construction costs incurred, (2) progress billings, (3) cash collections, and (4) revenues and expenses. • Note: If a journal entry isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Cr. answers blank (zero). Date Cr. Account Name 2020 (1) Construction in Process + Cash, Payables, etc. Dr. 290,000 0 270,000 0 250,000 0 290,000 0 270,000 2020 (2) Accounts Receivable Billings on Contracts 2020 (3) Cash 0 Accounts Receivable 0 250,000 2020 (4) N/A N/A To record revenue from contract. N/A N/A To record cost of contract. 2021 (1) Construction in Process Cash, Payables, etc. 2021 (2) Accounts Receivable Billings on Contracts 2021 (3) Billings on Contracts 2021 (4) Cost of Construction + + + + + + Revenue from Long-Term Contracts Construction in Process + To record revenue from contract. + + To record cost of contract. OO 0 0 0 OO 0 120,000 0 0 0 0 0 OO 0 0 OO 0 0 OO 0 0 0 0 0 120,000 0 0 OOO 0 0 0 0 OO 0 Recording Long-Term Construction: Recognize Revenue at a Point in Time and Over Time Watson Construction Company contracted to build a plant for $500,000. Construction started in January 2020 and was completed in November 2021. Watson uses the cost-to-cost method to measure the completion of its performance obligations. Data relating to the contract follow. 2020 2021 $290,000 $120,000 Costs incurred during year Estimated additional costs to complete 125,000 0 Billings during year 270,000 230,000 Cash collections during year 250,000 250,000 Revenue Recognized at a Point in Time Revenue Recognized Over Time b. Provide the 2020 and 2021 journal entries for Watson assuming revenue is recognized over time. Provide entries for (1) construction costs incurred, (2) progress billings, (3) cash collections, (4) revenues and expenses, and (5) to close out accounts upon completion of the contract. • Note: If a journal entry isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Cr. answers blank (zero). • Note: List multiple debits or credits (when applicable) in alphabetical order according to the first letter of the account name. • Note: Round amounts to the nearest whole dollar. Dr. Cr. Date 2020 (1) Account Name Construction in Process + Cash, Payables, etc. 2020 (2) Accounts Receivable + Billings on Contracts 2020 (3) Cash Accounts Receivable 2020 (4) 2021 (1) Construction in Process Cash, Payables, etc. 2021 (2) 2021 (3) 2021 (4) 2021 (5) Billings on Contracts Cost of Construction AP + + + + + + + 0 0 0 + + + OOO 0 0 0 OO 0 " OO 0 0 0 0 0 0 0 0 0 0 OOO 0 0 0 0 OOOO 0 0 0 0 OOOO 0 0 0 0 oooo 0 0 0 0 0 0 OOO 0 0 0 0 0 Cash Accounts Receivable Accounts Payable Retained Earnings Construction in Process Billings on Contracts Revenue from Long-Term Contracts Cost of Construction Loss from Long-Term Contracts N/A
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