Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a construction company sent a progress billing of

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

60.1K

Verified Solution

Question

Accounting

A construction company sent a progress billing of $10,000 to clients. Contract terms include 10% retention. The proper entry for this transaction is:

A) Debit Account Receivable $9,000, Retention Receivable $1,000; credit Progress Billing $10,000

B) Debit Cash $10,000; Credit Account Receivable $9,000, Retention Receivable $1,000

C) Debit Progress Billing $10,000; credit Account Receivable $9,000, Retention Receivable $1,000

D) Debit Account Receivable $9,000, Retention Receivable $1,000; credit Cash $10,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

For each of the following Hypotheses (including test statistic and other information), find de p-value (or...

Statistics
Q

1. Explain the relationship between polar molecules, like water, and formation of hydrogen bonds. 2. What is...

Medical Sciences
Q

Compare and contrast the ratios of same-sex couples and opposite-sex couples. Explain the effects on the...

Psychology
Q

Explain graphically how to determine the shadow price of a binding constraint in an LP with...

Advance Math
Q

Volunteer Corporation reported taxable income of $470,000 from operations this year. During the year, the company...

Accounting
Q

34 The equation of motion of a particle starting a 7 where x is in...

Physics
Q

The vice president of operations at Busch Gardens knows that 70 percent of the patrons...

Basic Math
Q

2 Derrick went to the grocery store and purchased of a pound of ham for...

Algebra
Q

Accounting 2 Question #5 The Larry, Moe, and Curly Partnership had...

Accounting
Q

[Para.6-a-2] On February 1,2023, the premium and accrued interest on bonds sold were received by...

Accounting
Q

Hi-Tek Manufacturing, Incorporated, makes two types of industrial component partsthe 8300 and the T500. An...

Accounting
Q

Lopez, Inc. has 2,000 shares of 4%, $50 par value, cumulative preferred stock and 50,000...

Accounting