24. Suppose that after an inspection it is determined that the contracted work to date has been completed in a manner that is totally satisfactory to the City. Therefore, the City is now willing to release the $90,000 retained in # 22 above (for the sake of Q24, assume this is the correct amount regardless of your answer in # 22 above). The JE to record this additional payment for the CPF is to DR Contracts Payable - Retained Percentage for 90,000 and to CR Cash for 90,000. 25. Assume that eventually the entire $9,000,000 is incurred and is recorded in the appropriate manner for the GA accounts. The JE that is needed for GA when the time comes to close out the CPF and transfer the completed Building to the appropriate GW statement (GA accounts) is DR Building 9,000,000 and CR Contracts Payable for 9,000,000 24. Suppose that after an inspection it is determined that the contracted work to date has been completed in a manner that is totally satisfactory to the City. Therefore, the City is now willing to release the $90,000 retained in # 22 above (for the sake of Q24, assume this is the correct amount regardless of your answer in # 22 above). The JE to record this additional payment for the CPF is to DR Contracts Payable - Retained Percentage for 90,000 and to CR Cash for 90,000. 25. Assume that eventually the entire $9,000,000 is incurred and is recorded in the appropriate manner for the GA accounts. The JE that is needed for GA when the time comes to close out the CPF and transfer the completed Building to the appropriate GW statement (GA accounts) is DR Building 9,000,000 and CR Contracts Payable for 9,000,000