A contractor sends a progress billing to a city requesting payment of $4,000,000 for work done on a new fire station for the city. The city approves the payment less a 10 percent retainage but has not yet written a check to the contractor. What journal entry should be riade in the city's Capital Projects Fund?
A) Expenditures construction costs 4,000,000 Construction contracts payable 4,000,000
B) Expenditures construction costs 4,000,000 Retairage payable 400,000 Construction contracts payable 3,600,000
C) Capital assets—fire station 4,000,000 Retainage payable 400,000 Construction contracts payable 3,600,000
D) Expenditures-construction costs 3,600,000 Construction contracts payable 3,600,000
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A contractor sends a progress billing to a city requesting payment of $4,000,000 for work done on a...
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