In late June, Harbert Construction Company submitted a $800,000 progres billing on construction contract for new baseball fields with the City of Homewood AL On July 2, the bill was approved for payment, subject to a five percent retention as provided by the contract. Construction expenditures should be debited when O The final five percent of the bill is paid. O The bill is paid (except for the five percent retention O The bill is received. O The bill is approved for payment 3pts