5-a In July 2017, the contractor for the Elm Street Project reported that the project was one-half completed and requested a progress payment of $1,050,000.

Required: Record the liability for the progress billing in both the Street Improvement Fund and governmental activities general journals. USING THE ENTRIES LISTED IN THE ATTACHMENT

5-b The billing for the partially completed Elm Street Project (see Transaction 5-a) was paid in late July, less the contractual retention of 5 percent. Required: Record this transaction in both the Street Improvement Fund and governmental activities general journals. USING THE ENTRIES LISTED IN THE ATTACHMENT

ash Vouchers payable Retainage payable Construction contract payable Fund balarn Revenues-sales taxes Other financing sources-bond proceeds Construction expenditures