A tennis club offered a special rate for upfront annual memberships at the start of the season.
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Question:
A tennis club offered a special rate for upfront annual memberships at the start of the season. If patrons paid their 12 months’ fees in advance they only had to pay $600. The tennis club recorded the fees as “membership revenue”, and 400 people signed up. At the end of the financial year the tennis club had been operational for 5 months. Record the adjusting entry for the tennis club.
Related Book For
Government and Not for Profit Accounting Concepts and Practices
ISBN: 978-1118155974
6th edition
Authors: Michael H. Granof, Saleha B. Khumawala
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