1.Can you please specify if what contract it is? Does your company receive that contract or the other way around?

2.Cash in Bank
Unearned Income

3.X Company Books
Accounts Receivable - Y Company
Income

Y Company
Charged to Expense or Job No./Name
Accounts Payable - X company

Upon Payment:
Accounts Payable - X Company
Cash in Bank

4. X Company
Advances to Suppliers - Y Company
Cash in Bank

Y Company
Cash in Bank
Unearned Income

5. Same as No. 3 in the books of Y Company.

6. same as no. 3 in the books of x