The Studious Frog provides study support and tutoring services for high school students during their finals. All services require cash payment in advance. Studious Frog provides an Finals Prep course for $480, as well as a Post- Finals Review course for $120. The finals prep course takes place before the students have their final tests, and the finals review course takes place after finals are complete. During December 2022, The Studious Frog offered a promotional package where students could purchase a package for both courses for the price of $580. On December 10, a total of 100 promotional packages were sold for cash, and on the same day, the Finals Prep course was provided. On December 31, the Post-Finals Review course was provided.
Using the five-step model for revenue recognition under the contract-based approach, record all necessary transactions related to the promotional package sold by The Studious Frog Services
|
Date |
Account Titles and Explanation |
Debit |
Credit |
|
Dec 10 |
|||
|
Dec 31 |
|||
