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(1) A customer pays $3,133 on March 15 via the Disney World website for ten 4-day passes to Disney World for a vacation on the

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(1) A customer pays $3,133 on March 15 via the Disney World website for ten 4-day passes to Disney World for a vacation on the days of June 1-4. Has The Walt Disney Company earned revenue on March 15? When will the company earn the revenue? (2) The Walt Disney Company pays $60,000 on July 1 for advance rental on a Disney Store building for the next six months. Has The Walt Disney Company incurred an expense on July 1? When will the company recognize rent expense

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