The plan for both digital and print is $$574$ for two years or $$813$ for three years. They also offer a three$-$year digital$-$only plan for $$583.$ Subscribers electing any of the plans above must pay the entire subscription fee in advance.

Questions

Assume that Goucher College Library signed up for the three$-$year print and digital subscription plan with The Economist on August $1,2024.$ Goucher pays the entire $$813$ on the same date, August $1,2024.$ How should the Economist record this customer's payment? What asset and$/$or liability accounts are affected?

Continue the same example from Item #$1.$ If The Economist has a December $31$ year$-$end, how much revenue related to the three$-$year print and digital subscription plan purchased by Goucher Library will The Economist recognize on December $31,2024?$ How much revenue from the Goucher purchase will be recognized on December $31,2025,$ by The Economist?

If you are accounting for Goucher College, how would you account for the payment of $$813$ on August $1,2024,$ for the three$-$year print and digital subscription plan to The Economist? What are the changes to Goucher's accounting equation?