Question: How might RETENTION PAYMENTS come into play? There could be times when a client wants to ensure the services of an accountant, lawyer, or

How might RETENTION PAYMENTS come into play? There could be times when a client wants to ensure the services of an accountant, lawyer, or other professional by paying a retention payment. Therefore how are those payments factored in the revenue recognition? Revenue Recognition - Assume the yearly membership fee is $180 and assume a customer gets a membership on 7/1/18. What would be the debit/credit entry on 7/1/18 and subsequent monthly adjusting entries in August and September? What would happen if the customer asks for a refund on 12/1/18? What are some qualitative and quantitative disclosures are required related to revenue recognition?

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