On July 8, Compusoft receives $250,000 from a customer toward a cash sale of $1 million for customized computer equipment to be completed on August 1. The remaining $750,000 payment is received upon delivery of the product on August 1. The equipment had a total production cost of $700,000. Compusoft uses the perpetual inventory system. What journal entries should Compusoft record on July 8 and August 1? (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.) Journal entry worksheet 1 2 3 Record the cash received in advance for computer equipment. Note: Enter debits before credits. Date July 08 General Journal Debit Credit > Journal entry worksheet > 1 2 3 Record the sales revenue. Note: Enter debits before credits. Date August 01 General Journal Debit Credit Journal entry worksheet < 1 2 3 Record the cost of goods sold. Note: Enter debits before credits. Date August 01 General Journal Debit Credit