1. The local YMCA holds a fundraising drive and offers a free 12-month gym membership (worth $200) to new members that donate $300 on December 31, 2019. 100 new members sign-up and pay the $300. The YMCA is on a June 30^th fiscal year. Explain the accounting treatment of this activity.

2. Provide the journal entries required for the activity in Question 7 at December, 2019, and at June 30, 2020.

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Here local YMCA is a non profit organisation so the entrance fee received i... View the full answer