Club 17X Fitness prepares financial statements on an annual basis and has a December 31 year-end. On
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Club 17X Fitness prepares financial statements on an annual basis and has a December 31 year-end. On October 1, 2020, Club 17X sells a one-year prepaid gym membership for $300 cash.
a. Record the journal entry on October 1, 2020.
b. How much is the gym membership per month?
c. How many months have passed between October 1, 2020 and December 31, 2020?
d. In order to prepare the annual financial statements, record the adjusting journal entry on December 31, 2020.
Financial StatementsFinancial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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a 2020 Oct 1 Cash 300 Unearned Revenue 300 To re...View the full answer
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Related Book For 
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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