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Can someone help me with these please? Question A construction company sent a progress billing of $10,000 to clients. Contract terms nclude 10% retention. The
Can someone help me with these please?
Question A construction company sent a progress billing of $10,000 to clients. Contract terms nclude 10% retention. The proper entry for this transaction is: ODebit Account Receivable $9,000, Retention Receivable $1,000: credit Cash $10.000 Debit Account Receivable $9.000, Retention Receivable $1,000: credit Progress Billing $10,000 O Debit Cash $10,000: Credit Account Receivable $9.000, Retention Receivable $1.000 O Debit Progress Billing S10.000: credit Account Receivable se.000. Retention Receivable $1,000 Question7 A construction company disbursed payrol of S5.000 for labor used in last month but not paid for and $3,000 for labor oost incurred tri month for Project 1. The proper entry for this transaction O Debit Cost of Construction: Labor 38,000: Credit Wage Payable S8.000 O Debt Wage Payable S8.000. Credt Cost orconstrucson: Labor sa 000 O Debit Wage Payable $5,000, Cost of Construction: Labor (Project 001) $3,000, Credit Cash $8,000 O Dabit Cash $8,000; Credt Wage Payable $5,000, Cost af Construction: Labor (Projact 001) $3,000 Question 8 A construction company received check in the amount of $200,000 for last month's progress billing from owner. The proper entry for this transaction is: O Debit Accounts Receivable $200.000; credit Cash $200.000 O Debit Cash $200,000 credit Accounts Receivable $200,000 O Debit Progress Billings $200.000 credit Accounts Receivable $200.000 Debit Progress Billings $200,000 credit Cas $200,000 Question 9 A construction company received a subcontractors progress biling in the amount of S 10,000 or Pro et 001 ontract en s nd de 10% ee O Debit Subcontract Payable ,000, Retainage Payable 31,000, credit Cost of Construction: Subcontractor Expense (Project 001) 310,000 O Debit Cost of Construction: Subcontractor Expense (Project 001) $10.000 credit Progress Billings $10.000 on The proper enty fo this tansac a s Debit Cost of Construction: Subcontractor Expense (Project 001) 10,000: credit Subcontract Payable $,000, Retainage Payable $1,000 Debit Subcontract Paybe e,000, Retainage Pyable $1,000, credit Progress Bilings $10.000Step by Step Solution
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