Spreadsheets Made Easy (SME) is a public company that designs and sells spreadsheet software. Corporate customers...

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Spreadsheets Made Easy (SME) is a public company that designs and sells spreadsheet software. Corporate customers purchase licences for the number of users in their company who can access the software from their network at any time. The perpetual licences do not expire and can be easily reproduced by SME. SME has no additional obligations to fulfill with respect to this software. On 16 November 20X1, SME sold 60 licences to a customer for a total consideration of $85,500. Required: Prepare the journal entry that would be recorded by SME relating to this transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Spreadsheets Made Easy (SME) is a public company that designs and sells spreadsheet software. Corporate customers purchase licences for the number of users in their company who can access the software from their network at any time. The perpetual licences do not expire and can be easily reproduced by SME. SME has no additional obligations to fulfill with respect to this software. On 16 November 20X1, SME sold 60 licences to a customer for a total consideration of $85,500. Required: Prepare the journal entry that would be recorded by SME relating to this transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)