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Home Q & A Board Other Fields Homework Help Business Accounting
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clmt2010 clmt2010
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Posts: 402
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6 years ago
Pemco Enterprises sells annual memberships to its shooting lodge. The memberships cost $290 each. On January 1, Pemco sold 4000 memberships and received cash. How should Pemco record the receipt of cash on January 1?
A) liability of $1,160,000
B) revenue of $1,160,000
C) liability of $0
D) revenue of $0
Textbook 
Intermediate Accounting

Intermediate Accounting


Edition: 1st
Authors:
Read 82 times
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wrote...
#1
6 years ago
 A
clmt2010 Author
wrote...
#2
6 years ago
Commenting just to show my support for informative posts like this, keep it up 10/10
wrote...
#3
6 years ago
That helps more than you thinks, thanks for being so thoughtful
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