Journal Entry 2 and 3:

• Record the sales revenue.
• Record the cost of goods sold.

On July 8, Compusoft recelves $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 recelved 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.) Vlew transaction list Journal entry worksheet 2 3 Record the cash received in advance for computer equipment. Note: Enter debits before credits Date General Journal Debit Credit Jul 08 Clear entry Record entry Vlew general Journal