7 Check my work 11.11 points eBook Lux Hotels, Inc. has signed a service outsourcing contract with Deluxe Rooms, Inc. for $3 million, which was received in cash at contract inception. Under the agreement, Deluxe Rooms is obligated to clean and prepare over 5,000 hotels rooms managed by Lux Hotel on a daily basis from August 1, 2021 to July 31, 2022. Required: Prepare any journal entry that Delux would record: (1) at inception of the contract and (2) at the end of 2021 to recognize all revenue associated with this contract that should be recognized in 2021. References View transaction list Journal entry worksheet 2 Record the inception of the contract. Note: Enter debits before credits. Date August 01, 2021 General Journal Debit Credit Record-entry Clear-stry View general journal View transaction list Journal entry worksheet < 1 Record the end of 2021 to recognize all revenue associated with this contract that should be recognized in 2021. Note: Enter debits before credits. Date December 31, 2021 General Journal Debit Credit Record entry Clear entry View general journal