What is the proper entry for recording an owner billing of $100,000 that includes 10% retention? (Note: the Company uses the % of Completion method of accounting) Debit Accounts Receivable $90,000 and Retention Receivable $10,000 / Credit Billings $100,000 Debit Accounts Receivable $100,000 / Credit Billings $90,000 and Accounts Receivable $10,000 Debit Cash $100,000/ Credit Revenue $100,000 Debit Accounts Recievable $100,000/ Credit Billings $100,000 Question 7 1 pts You are awarded a project totaling $100,000. Project has a 6 month duration. Your supervision budget is $24,000. You have been spending $4,200 per month. Assuming that the trend continues for the duration of the project, how much will the company spend above budget? $2,400 $1,200 O $24,000 $12,000