Allocating Transaction Price to Performance Obligations and Recording SalesSoftware Supplier Inc. sells to a customer a perpetual software license and post-contract customer support for a 12-month period, commencing at the time that the software is activated. Software Supplier Inc. charges $360 upfront when the software is purchased and$24 a month for 12 months, due at the end of the month. Software Supplier Inc. sells the software separately for $480 while the standalone selling price of the post-contract customer support is $240.Note: Carry all decimals in calculations; round the final answer to the nearest dollar.Note: If a journal entry (or a line of the journal entry) isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Cr. answers blank (zero).a. How should the transaction price be allocated among the performance obligation(s)?PerformanceObligationsSoftwareCustomer supportTransaction Price as Stated Standalone Selling Price Allocated Transaction Price (rounded)000 $$CheckAccount NameTo record sale of software.0 $00 $b. Prepare Software Supplier's journal entry to record sale of software to the customer and the entry for the first monthly payment.To record first monthly payment from customer.Dr.000000$Cr.000000000

A performance obligation is a commitment made in a legally enforceable agreement with a buyer to…

a. How should the transaction price be allocated among the performance obligation(s)? Performance Obligations Transaction Price as Stated Standalone Selling Price Allocated Transaction Price (rounded) 0 $ 0 0$ Software Customer support $ 0 $ 0 0 $ 0 0 0 and leave b. Prepare Software Supplier's journal entry to record sale of software to the customer and the entry for the first monthly payment.

a. How should the transaction price be allocated among the performance obligation(s)? Performance Obligations Transaction Price as Stated Standalone Selling Price Allocated Transaction Price (rounded) 0 $ 0 0$ Software Customer support $ 0 $ 0 0 $ 0 0 0 and leave b. Prepare Software Supplier's journal entry to record sale of software to the customer and the entry for the first monthly payment.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Mukh
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Hello Please provide the journal entry for I.
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Leader L.. O Commercial Captur... ups The inc ome su mmary account is also called the clearing account the zero-out account the imprest account the adjustments account 0000