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A construction company paid a subcontractors progress billing for $125,000. The proper entry for this...

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Accounting

A construction company paid a subcontractors progress billing for $125,000. The proper entry for this transaction is:

A) Debit Progress Billings $125,000; credit Cash $125,000

B)Debit Cash $125,000; credit Subcontracts Payable $125,000

C)Debit Progress Billings $125,000; credit Subcontracts Payable $125,000

D)Debit Subcontracts Payable $125,000; credit Cash $125,000

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