ASSESSMENT BRIEF Subject Code and Title ACCT2000 - Financial Accounting Assessment Accounting standard analysis Individual/Group Individual Length...

Logitech Ltd is a retail computer business which sells MAC computers as the main source ofincome. Included in the sale price, is an after sales training course on the useful applicationsa MAC computer has to offer.The training sessions are held once a month for six months. There are 6 training sessions intotal and these commence one month after payment is received by the customer.Each computer retails for a sales price of $2600. This amount includes the training fee of$600. At the time of each sale, Logitech Ltd issues an invoice to the customer. Allcustomers are required to pay cash at the time of purchase.Required:Using relevant Australian Accounting Standards (AASB), explain how this type of transactionshould be accounted for. Also provide journal entries to record the initial receipt of cashfrom the sale and the entry to account for the first month of training when it is delivered.