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 $ 3,405,000 1,290,000 690,000 935,000 490,000 1,702,500 1,702,500 ADH recognizes revenue upon completion of the contract. What is the journal entry in 2024 to record revenue?

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 $ 3,405,000 1,290,000 690,000 935,000 490,000 1,702,500 1,702,500 ADH recognizes revenue upon completion of the contract. What is the journal entry in 2024 to record revenue?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 18RE

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