Question

Record billing the client for job # 2012-004 a total of $275,950.  This includes $225,000 for work...

Record billing the client for job # 2012-004 a total of $275,950.  This includes $225,000 for work performed and $50,950 for retention held from previous months.  Not retention held on $225,000.  Also, how would you record receipt of payment of the $275,950.

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Answer #1

Journal Entry

Bank A/c…………………………………………...Dr       $2,25,000  

Retention Payables…………………………….Dr          $50,590

To Contractee A/c……..………………………………………………….$2,75,590                              

                         

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