GymCo sells gym memberships and weight equipment. On 12/31/2014 customer C pays $250 cash for a 3-year membership starting on 1/1/2015 (valued at $150) and weights (valued at S100) which the customer takes possession of on 12/31/2014. The weights cost GymCo $75, and it costs GymCo
$25 to operate the gym in 2015, 2016, and 2017. GymCo prepares financial statements once a year, on 12/31. 

What are the 12/31/2014, 12/31/2015, 12/31/2016 and 12/31/2017 journal entries? 

What is 2014 income? 2015 income? 2016 income? 2017 income?

Answer rating: 100% (QA)

To answer your questions lets analyze the given information step by step 1Journal Entries 12312014 Debit Cash 250 Credit Unearned Revenue 150 Credit I... View the full answer