Ferris, Inc., sells heavy machinery with a base unit price of $10,000. Ferris offers an optional service agreement for an initial three-year period for $1,500. b. Assume the optional service agreement is initially recorded in a liability account (e.g, revenue received in advance), record the sale and subsequent accounting for $400 of service work that is performed. (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 2 Record the sale of heavy machinery for $10,000 and receipt of $1,500 under a service agreement for the initial three-year period. Note: Enter dbits before credits. Transaction General Journal Debit Credit