Palmers Pool offers annual $200 memberships that entitle members to unlimited use of swimming pool facilities and
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Palmer’s Pool offers annual $200 memberships that entitle members to unlimited use of swimming pool facilities and locker rooms. Each new membership also entitles the member to receive ten “20% off a $5 meal” coupons that are redeemable at the Palmer’s snack bar. Palmer’s estimates that approximately 80% of the coupons will be redeemed.
Prepare the journal entry to record the sale of a new membership. Clearly identify revenue or deferred revenue associated with each performance obligation.
Related Book For
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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