Crayola hires Crosscut to research an erasable Crayon. It’s agreed the project will take 3 months and cost $300,000. On July 1^st Crosscut begins work and completes the project satisfactorily on Sept 30^th. It’s agreed Crosscut will bill the project in full upon completion.

1) show the entries on Crosscut’s books to record the July - Sept transactions relating to this project.

2) show the entries on Crayon’s books to record the July - Sept transactions relating to this project.