Luxurious will provide weekly landscaping services during this period. The entire value of the contract is $7,200 for six months, to be paid monthly on the first day of each month. Luxurious Landscapers uses the contract-based approach for revenue recognition. Instructions a) Determine if there is a contract between Luxurious Landscapers and Direct Insurance Brokers. b) If there is a contract, record Luxurious' entries related to these transactions for the month of May