A construction company paid the first month's progress billings of $72,000 from subcontractors. The proper entry for this transaction is: A) Debit cash $72,000; credit subcontracts payable $72,000 B) Debit progress billings $72,000; credit cash $72,000 C) Debit subcontracts payable $72,000; credit cash $72,000 D) Debit progress billings $72,000; credit subcontracts payable $72,000