A construction company sent a progress billing of $10,000 to clients. Contract terms include 10% retention....

   

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A construction company sent a progress billing of $10,000 to clients. Contract terms include 10% retention. The proper entry for this transaction is: Debit Account Receivable $9.000, Retention Receivable $1,000; credit Cash $10.000 Debit Account Receivable $9,000, Retention Receivable $1,000; credit Progress Billing $10,000 Debit Cash $10,000; Credit Account Receivable $9.000, Retention Receivable $1.000 Debit Progress Billing $10,000; credit Account Receivable $9,000, Retention Receivable $1,000 A construction company disbursed payroll of $5,000 for labor used in last month but not paid for, and $3.000 for labor cost incurred this month for Project 001. The proper entry for this transaction is: O Debit Cost of Construction: Labor $8.000: Credit Wage Payable $8.000 O Debit Wage Payable $8,000: Credit Cost of Construction: Labor $8.000 Debit Wage Payable $5,000. Cost of Construction: Labor (Project 001) $3,000; Credit Cash $8,000 O Debit Cash $8,000; Credit Wage Payable $5,000, Cost of Construction: Labor (Project 001) $3,000 A construction company received check in the amount of $200,000 for last month's progress billing from owner. The proper entry for this transaction is: Debit Accounts Receivable $200,000: credit Cash $200,000 Debit Cash $200,000, credit Accounts Receivable $200,000 Debit Progress Billings $200.000; credit Accounts Receivable $200,000 O Debit Progress Billings $200,000: credit Cash $200,000 A construction company received a subcontractor's progress billing in the amount of $10,000 for Project 001. Contract terms include 10% retention. The proper entry for this transaction is: Debit Subcontract Payable 50,000, Retainage Payable $1,000 credit Cost of Construction: Subcontractor Expense (Project 001) $10,000 Debit Cost of Construction: Subcontractor Expense (Project 001) $10,000: credit Progress Billings $10,000 Debit Cost of Construction: Subcontractor Expense (Project 001) $10,000: credit Subcontract Payable $9.000. Retainage Payable $1,000 Debit Subcontract Payable $9,000, Retainage Payable $1,000, credit Progress Bilings $10,000 A construction company sent a progress billing of $10,000 to clients. Contract terms include 10% retention. The proper entry for this transaction is: Debit Account Receivable $9.000, Retention Receivable $1,000; credit Cash $10.000 Debit Account Receivable $9,000, Retention Receivable $1,000; credit Progress Billing $10,000 Debit Cash $10,000; Credit Account Receivable $9.000, Retention Receivable $1.000 Debit Progress Billing $10,000; credit Account Receivable $9,000, Retention Receivable $1,000 A construction company disbursed payroll of $5,000 for labor used in last month but not paid for, and $3.000 for labor cost incurred this month for Project 001. The proper entry for this transaction is: O Debit Cost of Construction: Labor $8.000: Credit Wage Payable $8.000 O Debit Wage Payable $8,000: Credit Cost of Construction: Labor $8.000 Debit Wage Payable $5,000. Cost of Construction: Labor (Project 001) $3,000; Credit Cash $8,000 O Debit Cash $8,000; Credit Wage Payable $5,000, Cost of Construction: Labor (Project 001) $3,000 A construction company received check in the amount of $200,000 for last month's progress billing from owner. The proper entry for this transaction is: Debit Accounts Receivable $200,000: credit Cash $200,000 Debit Cash $200,000, credit Accounts Receivable $200,000 Debit Progress Billings $200.000; credit Accounts Receivable $200,000 O Debit Progress Billings $200,000: credit Cash $200,000 A construction company received a subcontractor's progress billing in the amount of $10,000 for Project 001. Contract terms include 10% retention. The proper entry for this transaction is: Debit Subcontract Payable 50,000, Retainage Payable $1,000 credit Cost of Construction: Subcontractor Expense (Project 001) $10,000 Debit Cost of Construction: Subcontractor Expense (Project 001) $10,000: credit Progress Billings $10,000 Debit Cost of Construction: Subcontractor Expense (Project 001) $10,000: credit Subcontract Payable $9.000. Retainage Payable $1,000 Debit Subcontract Payable $9,000, Retainage Payable $1,000, credit Progress Bilings $10,000

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