Beavis Construction Company Was the Low Bidder on a Construction

Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,800,000. The project was begun in 2017 and completed in 2018. Cost and other data are presented below:

-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.

Correct Answer:

Verified

2017:
Construction in progress 450,000
C...

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