Question: Assume you start up your own photography business to shoot videos at nine college parties. The freshman class pays you $100 in advance just to guarantee your services for its parry. The sophomore class promises you a minimum of dollar 250 for filming its formal, & you end up collecting cash of S400 for this party. Answer the questions about the correct way to account for revenue under the accrual basis.
[A] When did you receive your revenue for both parties? What caused you to earn the revenue? Did you receive the revenue at the moment you received cash?
[B] In addition to cash, determine what type of account was created when you received $100 from the freshman class? Name the new account.