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Journal Entry for question(short note required) 11/13 Incur $429,000 of costs for 36-month Zip contract, paying 70% now, rest on credit, & progress...

Journal Entry for question(short note required)

11/13 Incur $429,000 of costs for 36-month Zip contract, paying 70% now, rest on credit, & progress
bill Zip Co. for 90% of cost to date; at 12/31, estimated future costs are $1,771,000.

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Question: Journal Entry for question(short note required)
11/13 Incur $429,000 of costs for 36­month Zip contract, paying 70% now, rest on credit, & progress bill Zip Co. for 90% of cost to...

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