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What asset and/or liability accounts are affected

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1. Assume that Black Squirrel Design, Inc., signs up for the Platinum plan at SurveyMonkey on December 1, 2015. The customer pays the entire $780 on March 1. How will Survey Monkey record this customer's payment? What asset and/or liability accounts are affected?

2. Continue the same example from Item #1. If SurveyMonkey has a December 31 year end, how much revenue related to the Platinum plan purchased by Black Squirrel Design will SurveyMonkey recognize at December 31, 2015? How much revenue from the Black Squirrel
Design purchase will be recognized during 2016?

Reference no: EM131753158

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