] In late April, the Acme Construction Co. submitted a $1,200,000 progress billing on a construction contract. On May 2, the bill was approved for payment, subject to a ten percent retention, as provided by the contract. Construction expenditures should be debited when: O The bill is paid (except for the ten percent retention). The final ten percent of the bill is paid. O The bill is approved for payment. O The contract is signed.

In late April, the Acme Construction Co. submitted a $1,200,000 progress billing on a construction contract. On May 2, the bill was approved for payment, subject to a ten percent retention, as provided by the contract. Construction expenditures should be debited when: The bill is paid (except for the ten percent retention). The final ten percent of the bill is paid. The bill is approved for payment. The contract is signed