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Show the journal entries on 1 jan x1

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On 1 January X1, Wireless Company enters into a two-year contract with a customer for a 2-gigabyte (GB) data plan with unlimited talk and text for $80/month and a subsidised handset for which the customer pays $300.

The handset has a stand-alone selling price of $1000. The stand-alone selling price of the wireless plan is assumed to be the same as the contractual price.

Required: Show the journal entries on 1 Jan x1, 30 June x1, 30 June x2, 31 Dec x2 to record the transactions (no narrations required). The year end is 30 June. Please ignore the time value of money.

Reference no: EM132315949

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