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[Para. 5-a-11] On December 10, 2020 the Elm Street project was completed and the contractor for the project requested a final payment of $1,200,000. This

  1. [Para. 5-a-11] On December 10, 2020 the Elm Street project was completed and the contractor for the project requested a final payment of $1,200,000. This amount was recorded as a liability. Payment was made, less the retained percentage, on December 15, 2020.

    Required: Record this transaction in both the Street Improvement Fund and governmental activities journals.

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