Business
Business, 05.05.2020 05:26, NoodlesYT

6. Assuming the partial billing was approved for payment and the expenditure and liability (contracts payable) was recorded for $700,000; however, Oxford has a policy of not paying 100 percent, but retaining 20 percent as a retained percentage. The entry in the Capital Projects Fund to record the allowed payment and retained percentage would include: A. Credit to Cash, $560,000. B. Debit to Contracts Payable, $560,000. C. Credit to Contracts Payable—Retained Percentage, $560,000. D. Debit to Contracts Payable, $140,000

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6. Assuming the partial billing was approved for payment and the expenditure and liability (contract...

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