Brief Exercise $6-4($Static$)$ Allocating the transaction price $[$LO$6-4]$

Sarjit Systems sold software to a customer for $$80,000.$ As part of the contract, Sarjit promises to provide "free" technical support over the next six months. Sarjit sells the same software without technical support for $$70,000$ and a stand$-$alone six$-$month technical support contract for $$30,000,$ so these products would sell for $$100,000$ if sold separately.

Prepare Sarjit's journal entry to record the sale of the software.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

$1$

Record the sale of software for cash.

Note: Enter debits before credits.

$\backslash$table$[[$Transaction$,$General Journal,. Debit,Credit$],[1,,,]]$