1. If the original bid for the city hall project was $5,000,000, what entry would be made when the bid was awarded to the contractor. Your answer should be in this form: DR XXX(account name), CR XXX (account name) no amount is needed.

2. The contractors contract includes a 10% retainage. If the first invoice was for $500,000 then what entries would be made when the invoice was received. Select all that apply. (The entire entry is not listed.)

Group of answer choices

CR Encumbrance for $500,000

CR Cash for $450,000

DR Expenditure for $450,000

DR retainage payable for 500,000

CR Contract Payable for $500,000

CR Retainage Payable for $50,000