How would I do the adjusting entry for this information ??

Question

"The company calculates that as of June 30 (the end of the fiscal year) - it had earned $3,500 on a $7,500 contract that will be completed and billed in August."

Answer 1

account receivable 3500
amount received 3500

Answer 2

Debit accounts receivable 3,500 Credit Income 3,500

The idea is that they have worked and actually earned that portion in the year, although it has not been paid.

If they offer other accounts, maybe it's 'work in progress' or something like that rather than accounts receivable