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LIST OF ACCOUNTS TO CHOOSE FROM:

Cash

Contract Receivable- DOJ

Contract Revenue- Without Restrictions

No Debit Entry Needed

No Credit Entry Needed

Accounting for Contract Revenue The U.S. Department of Justice contracted with Kelly University, a private, nonprofit university, to utilize its geographic information systems department to perform mapping and security analysis of several major federal facilities. The U.S. Department of Justice will receive the benefit of the mapping and related reports, and the total contract amount is $9,375,000. Performance obligations are described in the contract, and Kelly University will bill on a percentage basis at each of three contract milestones. Record the journal entries for the following events and transactions. 1. The contract is signed on August 15. 2. Kelly University bills 25% of the contract for work performed on September 15. 3. On October 1, DOJ pays the amount billed on September 15. 4. Kelly University bills 40% of the contract for work performed on January 15. 5. On February 1, DOJ pays the amount billed on January 15. 6. Kelly University bills the final 35% of the contract for work performed on April 15. 7. On May 1, DOJ pays the amount billed on April 15. If no adjustment is necessary, select 'No debit (or credit) entry needed' in the account fields and enter 0 in the amount fields. Account Debit Credit 0 0 0 0 0 0 5. To record the receipt of the DOJ payment for work through January 15. 0 0