You Are the Owner and Operator of a Catering Business

Essay

You are the owner and operator of a catering business. In addition to catering a wide variety of functions such as business meetings, weddings, birthday parties, etc., you sell decorated cakes in your store. A particular business customer has signed a $12,000 contract with you to provide refreshments for its monthly business meetings with the total contract amount due at the contract signing.
Describe the rules you will follow in booking (i.e., recording) the cake sales revenues and catering contracts such as the one described here.