What journal entries would you made to recognize revenue

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Question 1: Elementary tuition is be $1,000/month and class runs from September to June. A 3% discount is offered for annual prepayment, provided the student remains enrolled all year. What journal entries would you made to recognize revenue in each of these scenarios? If you need to make additional assumptions, feel free to document them.

a. A customer pays $9,700 in July 2020 for the full year of tuition, and attends all year.

b. Same as above, except the family has an unexpected move, and withdraws the student after December. A prorated refund is made to the family.

Reference no: EM132864778

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