Question: Beta Ltd manufactures laptops. Cellar Ltd routinely buys laptops from Beta Ltd. On 1 June 2021, Beta Ltd enters into a contract with Cellar

Beta Ltd manufactures laptops. Cellar Ltd routinely buys laptops from Beta Ltd.

Beta Ltd manufactures laptops. Cellar Ltd routinely buys laptops from Beta Ltd. On 1 June 2021, Beta Ltd enters into a contract with Cellar Ltd to manufacture 100 laptops at $1 500 each. The laptops are shipped on 1 July 2021. To honour Cellar Ltd as a loyal customer. Beta Ltd allows Cellar Ltd to make the payment in 2 years' time without charging any interests. Implicit interest rate is 5%. What journal entries that Beta needs to make on 1 July 2021 to account for the revenue received from Cellar?

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