VolleyElite runs a volleyball program consisting of camps, tournaments, and specialized coaching. VolleyElite charges customers $$500$ per year for access to its facilities and programs. In addition, VolleyElite charges each customers a $$100$ registration fee. The fee is not refundable and must be paid at the initiation of the contract. Record the journal entry for the funds collected at the beginning of the year; and record the journal entry for the end of the first month.