What is the journal entry to recognize gross profit when revenue is recognized upon completion of a long-term construction project?

A journal entry is an act of maintaining or producing records of any economic or non-economic transaction. An accounting journal, which shows a company's debit and credit balances, records transactions. The journal entry can be made up of many records, each of which is either a debit or a credit.

What is included in a Journal Entry?

One critical aspect of journal entries is that they must have sufficient information to accurately depict the actual transaction. Instead of just having account balances, we can go back and look at journal entries to determine what happened and whether anything was entered erroneously.

A journal entry includes the following elements:

The transaction's date
The account name and number for each affected account
The credit and debit balances
A reference number that acts as the transaction's unique identification.
A synopsis of the transaction

Therefore Journal entry in the given situation is as follows:

Debit: Construction in Progress, Debit Cost of Construction

Credit: Revenue from Long-Term Contract

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