$3.[$Para$.5-$a$-3]$ On February $21,2023,$ construction bids were opened and analyzed. A bid of $$3,300,000$ was accepted, and the contract was awarded for the Elm Street Project. The contract provided for a retained percentage of $5$ percent from each progress payment, and from the final payment, until final inspection and acceptance by the city$$s public works inspectors.

Required: Record the signing of the contract in the Street Improvement Fund general journal. This transaction has no effect at the government$-$wide level.