Sarjit systems sold software to a customer for 225000 as, Accounting Basics

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Sarjit systems sold software to a customer for 225000 as

Problem

Sarjit Systems sold software to a customer for $225,000. 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 $196,000 and a stand-alone six-month technical support contract for $84,000, so these products would sell for $280,000 if sold separately.

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

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Accounting Basics: Sarjit systems sold software to a customer for 225000 as

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