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Find and make the journal entries to record the transaction

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Alissa Ltd provides a bundled service offering to Customer B. It charges Customer B $35,000 for initial connection to its network and two ongoing services - access to the network for 1 year and 'on-call troubleshooting' advice for that year.

Customer B pays the $35,000 upfront, on 1 July 2020. Alissa Ltd determines that, if it were to charge a separate fee for each service if sold separately, the fee would be:

Connection fee $ 5,000
Access fee $ 12 000
Troubleshooting $ 23,000

The end of Alissa Ltd's reporting period is 30 June.

Required

Problem 1: Prepare the journal entries to record this transaction in accordance with AASB 15/IFRS 15 for the year ended 30 June 2021, assuming Alissa Ltd applies the relative fair value approach. Show all workings.

Reference no: EM132695742

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