A Construction Contract Was Issued for the Addition of a Local

question 152

Multiple Choice

A construction contract was issued for the addition of a local county jail in the amount of $2,100,000.When the project was almost half finished,the contractor submitted a billing for payment of $1,050,000.Which partial entry below is not required to record this transaction?

• A) Credit Contracts Payable $1,050,000.
• B) Debit Construction Expenditures $1,050,000.
• C) Credit Encumbrances Control $2,100,000.
• D) Credit Encumbrances Control $1,050,000

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Definitions:

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