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A contruction company received payment of 1st month's progress billings from the owner in the amount of $198,000. The proper entry for this transaction is:
A contruction company received payment of 1st month's progress billings from the owner in the amount of $198,000. The proper entry for this transaction is: A) Debit progress billings $198,000; credit accounts receivable $198,000 B) Debit cash $198,000; credit accounts receivable $198,000 C) Debit progress billings $198,000; credit cash $198,000 D) Debit accounts receivable $198,000; credit cash $198,000
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