Numbers are slightly off.

On January 1, Revis Consulting entered into a contract to complete a cost reduction program for Green Financial over a six-month period. Revis will receive $46,400 from Green at the end of each month. If total cost savings reach a specific target, Revis will receive an additional $23,200 from Green at the end of the contract, but if total cost savings fall short, Revis will refund $23,200 to Green. Revis estimates an 80% chance that cost savings will reach the target and calculates the contract price based on the expected value of future payments to be received. Required: Prepare the following journal entries for Revis: 1. to 3. Prepare the journal entry on January 31 to record the collection of cash and recognition of the first month's revenue. Also record the entry on June 30 for receipt of the bonus assuming total cost savings exceed target. And record the entry on June 30 for payment of the penalty assuming total cost savings fall short of target. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete. No Date General Journal Credit 1 January 31 Cash Bonus receivable Service revenue Debit 46,400 23,200 69,600 2 June 30 Cash Bonus receivable Sales revenue 23,200 13,920 37,120 3 June 30 37,120 Service revenue Bonus receivable Cash 13,920 23,200