What are the entries in construction accounting when a contract is signed? What are the entries when a percentage of completion invoice is created?

Dr                Cr                             A/C

 xxx                                    A/C Receivables / Customers

                     xxx                                       progress building

xx                                      Constriction on progress

                     x                                          cash / payable

                     x                                           contraction gross profit 

• Ott Builders, Inc. has consistently used the percentage of- completion method of accounting for construction-type con tracts.