Solved: Company received 24000 jan 1 for memberships for the year, Accounting Basics

+44 141 628 6080
[email protected]

Company received 24000 jan 1 for memberships for the year

Company received $24,000 Jan 1 for memberships for the year. Individual memberships are $240 per person, for the year.

Here are my calculations for the adjusting entry:

$24,000/12 months = $2,000/moà Since customers paid in advance, we would take 2,000 off each month? Or subtract this value from 24,000 for the adjusting journal entry?

Here are the journal entries I have for the month:

DR CR

Jan. 1 Cash 24,000

Unearned memberships 24,000

Jan. 31 Unearned Memberships 2,000

Membership revenue 2,000

Is this correct?

View Complete Question

Solution Preview :

Prepared by a verified Expert

Accounting Basics: Company received 24000 jan 1 for memberships for the year

Reference No:- TGS02610097

Now Priced at $10 (50% Discount)

Recommended (95%)

Rated (4.7/5)

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Asked Questions

How you ensure that other team members understand roles

Discuss how you plan to comply with this requirement and explain how you will ensure that other team members understand their roles.

Areas mentioned specifically as wanting to join the eeu

Which of the following areas is mentioned specifically as wanting to join the EEU, even though the states they belong to may wish to be

Patient tokala insists that he never dreams

Problem: Forty-year-old Tokala insists that he never dreams. Research suggests that Tokala probably:

Reviewing your cliftonstrengths themes

After reviewing your CliftonStrengths themes in-depth and exploring the various mission statements/purpose statements from this module,

Substance abuse program for teenagers struggling

Question: Substance abuse program for teenagers struggling with addiction. - e.g., what is the rationale or interest in this project?

How children have an innate resilience

Despite the trauma of abandonment, children have an innate resilience that allows them to overcome adversity and thrive. They demonstrate remarkable strength

How social determinants of health affect the physiological

Question: In general, how do the social determinants of health affect the physiological body? Question options

Solution Preview :

Prepared by a verified Expert

Accounting Basics: Company received 24000 jan 1 for memberships for the year

Reference No:- TGS02610097

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Describe a way that history might help inform that event

Q : Prepaid insurance represents a three-year premium paid on

Q : What opportunities do you see from this information what

Q : Based upon your examination how would you redo the

Q : Company received 24000 jan 1 for memberships for the year

Q : Prepare a master budget for edgeworth box corporation for

Q : Describe the problem of interest to you in a short

Q : Explain how the amount of goodwill is determined from a

Q : Prepare a power point presentation for oral proposal