Best Snacks Inc. is a publicly traded snack food company focused on snacks and candies from around the world. On a monthly basis, the company boxes snacks and candies from a different country, along with facts about each and a scorecard for tracking favourites. The boxes can be purchased at specialty shops and are available for annual subscription. The consumer can choose between two annual subscriptions, the Good Box for $144 annually and the Oh So Good Box for $240 annually. Subscriptions are paid in advance and are non cancellable.
Best Snacks sold for cash 10,000 subscriptions on October 1, 2024, of which 20% were Oh So Good Box subscriptions. Single Good Boxes can be purchased at specialty shops. Best Snacks charges the shops $8 per box.
Normally, 2,400 boxes are delivered to specialty shops each month, with 20% of these being returned unsold. Of the 2,400 boxes sent out in October 2024, all were sold on account, and none of the returned boxes are expected to be resold and are scrapped. Unsold boxes are returned by shops in the following month. The products in the Good Boxes cost Best Snacks $5 per box, while the products in the Oh So Good Box cost Best Snacks $9 per box.

Required 

a. Determine how much revenue Best Snacks would be able to recognize in October 2024. Use the five- step model for revenue recognition in preparing your response. 

b. Prepare the required summary journal entries for the contract based on your analysis in part (a).