20 Flapper Jack's Pancake Restaurants incsels franchises for an initial fee of $39.500 plus operating fees of $850 per month The initial fee covers site selection, training, computer and accounting software, and on site consulting and troubleshooting, as needed over the first five years. On March 15, 2020. Tim Cruise signed a franchise contract, paying the standard $6.700 down with the balance due over five years with interest Assume at March 15, 2020, 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 Murple Choice Credit to franchise fee revenue for $39.500 Credit to franchise fee revenue for $15.300 Credit to deferred revenue for $9.500 Credit to deferred revenue for $45.000