Question: Arrow Co. entered into a contract with a customer for $470,000. The contract is for the delivery of equipment and a 3-year service maintenance contract

Arrow Co. entered into a contract with a customer for $470,000. The contract is for the delivery of equipment and a 3-year service maintenance contract for the equipment. Arrow sells separately the equipment for a selling price of $449,000 and the maintenance contract for three years for $118,00. The equipment was delivered on 1 June 20X1. Arrow has a 30 November year-end.

Required:

Prepare the journal entries required to record the revenue related to this contract during the period 1 June 20X1 to 30 November 20X1.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round percentage answers to nearest whole percent. Round final answer to the nearest whole dollar. )

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