Answer pleaseee??

Mary signed up and paid $1200 for a 6 month ceramics course on June 1st with Choplet Ceramics. As of August 1st, Choplet's accounting records would indicate: $400 of revenue, $800 of accounts receivable $400 of revenue, $800 of deferred revenue $1,200 of revenue, $1,200 of cash $800 of revenue, $400 of accounts receivable Question 15 A contract does not exist for purposes of applying the revenue recognition principle in all of the following cases except for when: The seller believes it is not probable that it will collect the amount it's entitled to receive under the contract The seller and buyer did not sign a formalized written contract The seller and buyer can terminate the contract without penalty and neither has performed any obligations under the contract. The seller believes it is highly likely but not certain that the buyer will agree to the terms of the contract