Essay
In July 2016, Sykick Software Company licenses its 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 2016 when
RayHawk pays Sykick $33,000 per their agreement.
Correct Answer:
Verified
Correct Answer:
Verified
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