The engineering firm Rivadour performs an engineering assignment satisfied over time. The contract makes the invoicing of each phase subject to the approval of the deliverables by the customer's engineer. At 30 September 20X2, Rivadour presents a contract asset of 42,500 for phase 2, completed but not yet approved. On 5 October 20X2, the engineer approves the deliverables: the amount becomes billable and is only subject to a payment period. Record the entry on 5 October 20X2.
- Contract asset for phase 2
- 42,500