TB EX Qu. 8-164 On July 8, Compusoft receives... On July 8, Compusoft receives $350,000 from a customer toward a cash sale of $1.20 million for customized computer equipment to be completed on August 1. The remaining $850,000 payment is received upon dellvery of the product on August 1. The equipment had a total production cost of $660,000, 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.) View transaction list Journal entry worksheet