I need to journalize the following question but I don't know if it would be entered in accounts receivable or accounts payable or what is it.
The : On behalf of Music Depot, Lee signed a contract with a local radio station, to provide guest spots for the next three months. The contract requires Music Depot to provide a guest jockey for 80 hrs per month for a monthly fee of 3,600. Any additional hrs beyond 80 will be billed to the radio station at $40 per hr. In accordance with the contract, Lee received $7,200 from the radio station as an advance payment for the first two months.
HELP!
