Assume at March 15,2015,the time of signing the contract,collection of the receivable was reasonably assured and there were no significant continuing obligations.The journal entry at signing would include a:

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Since the collection of the receivable was reasonably assured and there were no significant continuing obligations, the entire franchise fee revenue of $36,000 can be recognized at the time of signing the contract.

Assume at March 15,2015,the Time of Signing the Contract,collection of the Receivable