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When does SurveyMonkey recognize revenue from

When does SurveyMonkey recognize revenue fromits Platinum annual subscription plans?SurveyMonkey is an online survey company that allows its subscribers to customize and administersurveys. It recently made the news for raising another $250 million in equity funding(“SurveyMonkey is worth $2 billion after new $250 million fundraising round, Fortune, December 15,2014.) (Note: SurveyMonkey is privately held. The founder says the company will not go publicbecause the related costs of being a publicly-held organization are too high.)SurveyMonkey’s basic services are free and include the ability to customize a survey containing amaximum 10 questions for up to 100 responses.Premium plans are also available through SurveyMonkey. Features of the Platinum SurveyMonkeyplan include unlimited questions, unlimited number of responses, custom logos, and phonesupport. The Platinum plan costs $65 per month and is billed annually on the starting date of theplan for a total cost of $780.Questions1. Assume that Black Squirrel Design, Inc., signs up for the Platinum plan at SurveyMonkey onDecember 1, 2015. The customer pays the entire $780 on March 1. How will SurveyMonkeyrecord this customer’s payment? What asset and/or liability accounts are affected?2. Continue the same example from Item #1. If SurveyMonkey has a December 31 year end, howmuch revenue related to the Platinum plan purchased by Black Squirrel Design willSurveyMonkey recognize at December 31, 2015? How much revenue from the Black SquirrelDesign purchase will be recognized during 2016? Page 1, Copyright © 2014 by Dr. Wendy Tietz, http://accountingintheheadlines.com/ This work is licensed under a Creative Commons Attribution-­?NonCommercial 3.0 Unported License .

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