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On July 8, Compusoft receives $200,000 from a customer toward a cash sale of $0.90 million for customized computer equipment to be completed on August 1. The remaining $700,000 payment is received upon delivery of the product on August 1. The equipment had a total production cost of $690,000. What journal entries should Compusoft record on July 8 and August 1? Assume Compusoft uses the perpetual inventory system. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions.)

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Tundexi

Answer:

Date      Account Title and Explanation         Debit            Credit

July 8     Cash                                                   $200,000

                   Unearned sales revenue                                  $200,000

               (To record unearned sales revenue)

August 1   Cash                                                  $700,000

                 Unearned sales revenue                $200,000

                         Sales revenue                                              $1,000,000

                  (To record sales revenue)

                   Cost of goods sold                         $690,000

                         Merchandise inventory                                 $690,000

                    (To record cost of goods sold)

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