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  3. ] in late april, the acme construction co. submitt

] In late April, the Acme Construction Co. submitted a $1,200,000 progress billing on a...

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Accounting

] In late April, the Acme Construction Co. submitted a $1,200,000 progress billing on a construction contract. On May 2, the bill was approved for payment, subject to a ten percent retention, as provided by the contract. Construction expenditures should be debited when: O The bill is paid (except for the ten percent retention). The final ten percent of the bill is paid. O The bill is approved for payment. O The contract is signed.
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In late April, the Acme Construction Co. submitted a $1,200,000 progress billing on a construction contract. On May 2, the bill was approved for payment, subject to a ten percent retention, as provided by the contract. Construction expenditures should be debited when: The bill is paid (except for the ten percent retention). The final ten percent of the bill is paid. The bill is approved for payment. The contract is signed

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