Business, 03.11.2020 16:50 SmolBeanPotato

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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On July 8, Compusoft receives $200,000 from a customer toward a cash sale of $0.90 million for custo...

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