(c) AASB 118 provides guidance on when a firm should recognise revenue. Creative Vibes is an advertising firm that accepts a brief from a client on the 1st March 2016. The total fee paid on that date was $7,500. How would Creative vibes account for the fee? Given: 20% of the fee is for signing on; 40% of the fee is for the production of the advertising campaign which should take 3 months (March, April and May) to complete; and the remainder will be allocated evenly for one advertisement cost per month for 6 months. The first advertisement is due to be aired on 30th June 2016 and the remaining five to be aired over the ensuing consecutive months. The firm adopts monthly reporting. Prepare the General Journal entries for Creative Vibes for the following dates: 1st March; 30th May; 30th June; and 30th November, 2016