If an organization purchased a $6-$user license for a software from a Company X$,$ on $1$st July $2022,$ the perpetual license would cost $$45,000$ and the first year$$s maintenance service cost would be $$7,875.$ Both values will be payable on the signing of the contract. The maintenance period begins on the contract date, which is $1$st July $2022.$

On $1$st January $2023,$ the customer decides to increase their system licenses by $6$ to $8.$ The license cost for the additional system users is $$3,000.$ The annual maintenance applicable to the additional license would be pro$-$rated to $30$th June $2023$ being $$260\mathrm{.}34(181/365*$ $$525).$ Note the maintenance fee is $17\mathrm{.}5\%$ of the value.

The maintenance service and licensing of software are both performance obligations of Company X and the revenue is recognized over time after establishing the $5-$step process in AASB $15.$ They use the straight$-$line method.

Prepare journal entries for Company X for the transactions related to the contract from $1$st July $2022$ TO $1$st January $2023,$ that is$,$ journal entries for $1$st July, $1$st January, and the ending months of all months in between.

The first entry and format is shown below:

$1$st July $2022$:

Debit Cash $45,000$

Credit Unearned Revenue $45,000$

Recognizing perpetual license.

Debit Cash $7,875$

Credit Unearned Revenue $7,875$

Recognizing mandatory maintenance service license.

$31$st July $2022$:

$30$th August $2022$: