Disco World began its business on November 1 and sold contracts to twelve students for dance lessons that day. The lessons cost $375 per person for a three-month period and the students are required to pay in advance. The journal entry to record this transaction would include a debit for the receipt of cash on November 1 and a credit to: Multiple Choice Deferred Revenue. Accounts Receivable. Dance Lessons Revenue. Dance Lessons Payable.