In this work we describe the experimental realization of a simple scheme capable of implementing RGB improved dynamic color binary-phase Fourier computer-generated holograms (CGHs) by means of a single ferroelectric liquid crystal on silicon (FLCOS) display and an electronically controlled color-filter wheel. Tricolor multiwavelength illumination is achieved by aligning an Ar-Kr laser (wavelengths lambda(B)=488 nm and lambda(G)=568 nm) and a He-Ne laser ((R)=633 nm). Chromatic compensation is achieved by synchronizing a time sequence of properly scaled CGHs displayed on the FLCOS display with the corresponding filter from the color wheel. Quality CGHs are designed for each color component by using an optimized iterative Fourier transform algorithm applied to a phase-only modulation display. As a result, we present excellent experimental results on the reconstruction of these time-multiplexed wavelength-compensated diffractive optical elements and color CGHs.