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Sarjit Systems sold software to a customer for $230,000. As part of the contract, Sarjit promises to provide "free" technical support over the next six months. Sarjit sells the same software without technical support for $200,000 and a stand-alone six-month technical support contract for $50,000, so these products would sell for $250,000 if sold separately. Prepare Sarjit's journal entry to record the sale of the software. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the sale of software for cash. Note: Enter debits before credits Transaction 1 General Journal Debit Credit Recept natry Clear entry View general journal < Prev 3 of 11 Next >

Sarjit Systems sold software to a customer for $230,000. As part of the contract, Sarjit promises to provide "free" technical support over the next six months. Sarjit sells the same software without technical support for $200,000 and a stand-alone six-month technical support contract for $50,000, so these products would sell for $250,000 if sold separately. Prepare Sarjit's journal entry to record the sale of the software. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the sale of software for cash. Note: Enter debits before credits Transaction 1 General Journal Debit Credit Recept natry Clear entry View general journal < Prev 3 of 11 Next >

FINANCIAL ACCOUNTING
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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Sarjit Systems sold software to a customer for $230,000. As part of the contract, Sarjit promises to provide "free" technical support over the next six months. Sarjit sells the same software without technical support for $200,000 and a stand-alone six-month technical support contract for $50,000, so these products would sell for $250,000 if sold separately. Prepare Sarjit's journal entry to record the sale of the software. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the sale of software for cash. Note: Enter debits before credits Transaction 1 General Journal Debit Credit Recept natry Clear entry View general journal < Prev 3 of 11 Next >
Transcribed Image Text:Sarjit Systems sold software to a customer for $230,000. As part of the contract, Sarjit promises to provide "free" technical support over the next six months. Sarjit sells the same software without technical support for $200,000 and a stand-alone six-month technical support contract for $50,000, so these products would sell for $250,000 if sold separately. Prepare Sarjit's journal entry to record the sale of the software. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the sale of software for cash. Note: Enter debits before credits Transaction 1 General Journal Debit Credit Recept natry Clear entry View general journal < Prev 3 of 11 Next >
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