3. [Para. 5-a-3] On February 21, 2023, construction bids were opened and analyzed. A bid of $3,300,000 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. Required: Record the signing of the contract in the Street Improvement Fund general journal. This transaction has no effect at the government-wide level.
3. [Para. 5-a-3] On February 21, 2023, construction bids were opened and analyzed. A bid of $3,300,000 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. Required: Record the signing of the contract in the Street Improvement Fund general journal. This transaction has no effect at the government-wide level.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Please answer question 3 [Para. 5-a-3]
![3. [Para. 5-a-3] On February 21, 2023, construction bids were opened and analyzed.
A bid of $3,300,000 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.
Required: Record the signing of the contract in the Street Improvement Fund
general journal. This transaction has no effect at the government-wide level.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd046fed3-afa8-4b62-b61b-e027e2dbdbcb%2Ffe8fdc5e-6c0d-47c4-8a97-514e4359a14a%2F5een46b_processed.jpeg&w=3840&q=75)
Transcribed Image Text:3. [Para. 5-a-3] On February 21, 2023, construction bids were opened and analyzed.
A bid of $3,300,000 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.
Required: Record the signing of the contract in the Street Improvement Fund
general journal. This transaction has no effect at the government-wide level.
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