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 35% 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 50% 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 15% 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. 8. Indicate whether the following sources of revenues would be considered nonexchange or exchange-based revenues. Contributions Grants Contracts