In July 2020, Sykick Software Company licenses it's accounting software to Rayhawk Corporation at a cost of

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Question:

In July 2020, Sykick Software Company licenses it's accounting software to Rayhawk Corporation at a cost of $30,000 for two years and also enters into a contract to install the software for an additional $3,000. Trident sells the software license with or without installation. The accounting software is not modified or customized by the customer.

Required: Prepare journal entry for Sykick to record this transaction assuming that installation will occur in July 2020 when RayHawk pays Sykick $33,000 per their agreement.