lets say for example you are recording the following activities taken place during the month of Febuary for EBN sports.

ex. Recieved 2,851 cash from Andeavor as an advance on a company party held in march.

the correct journal entry would be

Cash 2,851

Accounts recieveable 2,851

my question is that it would be accounts recieveable right and not deferred revenue right ? because they recieved the payment in advance? even though it is being held in march?

also, would that also be counted as a net increase in Febuary as well ?

please get back to me, I am trying to comprehend. thank you.