Construction Project Accounts:- 1.What is the journal entry for Work in Progress? 2.What is the journal entry for retention receivables?

Journal Entry for work in progress normally can be taken at the end of Financial period to consider WIP as income by reducing cost of sale, entry is as follow,

WIP Debit / Cost of Sale Credit

Retention money receivable relates to other current assets which comes in BS, it is normally recorded at the time of booking revenue, entry is as follow,

Sales Credit / Retention money Receivable Debit, and later on at the time of receiving of retention money entry will be as follow,

Cash or Bank Debit / Retention money Receivable Credit