Debited to construction expenditure

Reference no: EM13131447

In late June, the Everest Construction Co. submitted a progress billing on a construction contract for $500,000. On July 2, the bill was approved for payment, subject to a five percent retention, as provided by the contract. The amount that should be debited to Construction Expenditure is:

A) $475,000.

B) $497,500.

C) $500,000.

D) $ 25,000.

Reference no: EM13131447

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