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Q3- Please write all of the journal entries for 2022 the New Mexico Computing Contract....

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Accounting

Q3- Please write all of the journal entries for 2022 the New Mexico Computing Contract.
Your company name is PP. See below information:
=> On July 1st,2022, PP signed a contract with New Mexico Computing. PP will provide New Mexico with
525 scooters, for $605 each. New Mexico did not purchase the service agreement. PP will deliver the
scooters in 2 years, on July 1st. New Mexico paid PP the full amount on July 1 of the current year (2022).
=> The analysis of the first four steps in the revenue recognition process are below:
=> Use the "Contract Liability" account for any interest that accrues (similar to an interest payable account).
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