The company runs an annual cricket coaching program which consists of eight (8) monthly classes. Players undertaking the program pay for the entire program in advance. In the latest program 55 players each paid $200 for the entire program on 13 April 20X1 and the program began in that month. When the money is received the company recognises it to a liability account. Date Particulars DR CR- F NET E The company also provides professional consulting services to other sporting bodies. As at 30th June 20X1, the company's records reveal that a contract for $43.890 had been completed to a local cricket club for such services. Under the terms of the contract, though the amount is not due to be invoiced until 31st August with payment due at the end of the following month. Date Particulars DR CR E- E E- 2