Question: On April 15, 2017, construction bids were opened and analyzed. A bid of $2,100,000 was accepted, and the contract was awarded for the Elm Street

On April 15, 2017, construction bids were opened and analyzed. A bid of $2,100,000 was accepted, and the contract was awarded for the Elm Street Project. The contract provided for a retained percentage of 5 percent from each progress payment, and from the final payment, until final inspection and acceptance by the city's public works inspectors.
Required:
Record the signing of the contract in the Street Improvement Fund general journal. This transaction has no effect at the government-wide level.

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