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Record signing of contract in the street improvement fund

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Problem - On March 15, 2020, construction bids were opened and analyzed. A bid of $2,400,000 was accepted, and the contract was awarded for the Elm Street Project. The contract provided for a retained percentage of 5 percent from each progress payment, and from the final payment, until final inspection and acceptance by the city's public works inspectors. Record the signing of the contract in the Street Improvement Fund general journal. This transaction has no effect at the government-wide level.

Reference no: EM132931581

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