Question: 5. [Para. 5a-5] The contractor submitted a billing for $1,100,000. This amount was recorded as a contract payable. Required: Record this transaction in both the

5. [Para. 5a-5] The contractor submitted a billing for $1,100,000. This amount was recorded as a contract payable. Required: Record this transaction in both the City Hall Annex Construction Fund and governmental activities general journals.

6. [Para. 5a-6] The contractors billing (see para. 5a-5) was paid, less a 5 percent retained percentage. Required: Record this transaction in both the City Hall Annex Construction Fund and governmental activities general journals.

8. [Para. 5a-8] After final inspection, a final payment was made to the contractor, including the amount retained in para. 5a-6. Required: Record this transaction in both the City Hall Annex Construction Fund and governmental activities general journals.

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