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  3. on july 8, compusoft receives $300,000 from a cust

On July 8, Compusoft receives $300,000 from a customer toward a cash sale of $1.20...

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Accounting

On July 8, Compusoft receives $300,000 from a customer toward a cash sale of $1.20 million for customized computer equipment to be completed on August 1. The remaining $900,000 payment is received upon delivery of the product on August 1. The equipment had a total production cost of $650,000. What journal entries should Compusoft record on July 8 and August 1? Assume Compusoft uses the perpetual inventory system.

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Date July 8 (Click to select) (Click to select) Aug. 1 (Click to select) (Click to select) (Click to select) (Click to select) (Click to select)

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