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A construction company sent a progress billing of $10,000 to clients. Contract terms include 10%...

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Accounting

A construction company sent a progress billing of $10,000 to clients. Contract terms include 10% retention. The proper entry for this transaction is:

A) Debit Account Receivable $9,000, Retention Receivable $1,000; credit Progress Billing $10,000

B) Debit Cash $10,000; Credit Account Receivable $9,000, Retention Receivable $1,000

C) Debit Progress Billing $10,000; credit Account Receivable $9,000, Retention Receivable $1,000

D) Debit Account Receivable $9,000, Retention Receivable $1,000; credit Cash $10,000

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