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7 pts) Final contracted construction and architect bills totaling $9,750,000 were approved and vouchered, less a 5% retention holdback on the

7 pts) Final contracted construction and architect bills totaling $9,750,000 were approved and vouchered, less a 5% retention holdback on the construction bills, which will be paid when the project passes final detail inspection. Record the related journal entry(-ies).







6. (3 pts) The new Health Center has passed its last detailed inspection and approval has been received to pay all remaining amounts owed the contractor (payables and retention). Record the journal entry for the payments.





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