Question: Question 6 (2 points) A construction company received a subcontractor's progress billing in the amount of $10,000 for Project 001. Contract terms include 10% retention.

Question 6 (2 points) 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 $9,000, Retainage Payable $1,000; credit Progress Billings $10,000 Debit Subcontract Payable $9,000, 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 O bebit Cost of Construction: Subcontractor Expense (Project 001) $10,000; credit Subcontract Payable $9,000, Retainage Payable $1,000 Question 9 (2 points) A construction company sent a progress billing of $10,000 to clients. Contract terms include 10% retention. The proper entry for this transaction is: O Debit Progress Billing $10,000; credit Account Receivable $9,000, Retention Receivable $1,000 Debit Account Receivable $9,000, Retention Receivable $1,000; credit Progress Billing $10,000 Debit Account Receivable $9,000, Retention Receivable $1,000; credit Cash $10,000 Debit Cash $10,000; Credit Account Receivable $9,000, Retention Receivable $1,000

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