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On July 8, Compusoft receives $300,000 from a customer toward a cash sale of $1.10 million for customized computer equipment to be completed on August 1. The remaining $800,000 payment is received upon delivery of the product on August 1. The equipment had a total production cost of $640,000. What journal entries should Compusoft record on July 8 and August 1

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Answer:

Date                  Account Title                                       Debit                Credit

July, 8                Cash                                                  $300,000

                         Unearned Sales Revenue                                        $300,000

Date                  Account Title                                       Debit                Credit

August, 1          Cash                                                  $800,000

                         Unearned Sales Revenue               $300,000

                         Sales revenue                                                        $1,100,000

August, 1           Cost of Goods sold                         $640,000

                         Merchandise inventory                                        $640,000

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