Issuance of Progress Invoice: (DR) Customers Accounts Receivable XXXX (CR) Progress Billing on Contracts XXXX Progress Collection (Cash Received): (DR) Cash XXXX (CR) Customers Accounts Receivable XXXX (DR) Progress Billing on Contracts XXXX (CR) Progress Collections on Contracts XXXX Completion: (DR) Progress Collections on Contracts (collected) XXXX (CR) Revenue (DR) COGS XXXX (CR) Advances to Suppliers Revenue Recognition: (DR) Progress Collections on Contracts XXXX (CR) Revenue