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On January 1, 2013, Charlie Keller paid $5,600 for a two-year membership to...

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Accounting

On January 1, 2013, Charlie Keller paid $5,600 for a two-year membership to the High Beam Gym. High Beam records adjusting entries annually when the company prepares its financial statements. How would the company record the adjusting entry relating to transaction on December 31, 2013?

Multiple Choice

  • A- Debit Cash for $5,600 and credit Unearned Membership Revenue for $5,600.

  • B- Debit Unearned Membership Revenue for $5,600 and credit Membership Revenue for $5,600.

  • C- Debit Membership Revenue for $5,600 and credit Unearned Membership Revenue for $5,600.

  • D- Debit Cash for $2,800 and credit Unearned Membership Revenue for $2,800.

  • E- Debit Unearned Membership Revenue for $2,800 and credit Membership Revenue for $2,800.

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