0 Required Information The following information applies to the questions displayed below Lakewood Tennis Club (LTC) operates an indoor tennis facility. The company charges a $145 annual membership fee plus a member rental rate of $16 per court per hour. LTC's fiscal year-end is August 31. LTC's revenue recognition policy is described in its financial statement notes as follows: Revenue Recognition-LTC generates revenue from two sources. Annual membership fees arise from providing 12 months of services to members, so they are reported as membership revenue each month as these services are provided. Court rental fees are generated by renting courts each day, so they are reported as service revenue when courts are used by members On August 31, 14 new members joined and paid the annual membership fee in cash. The memberships do not begin unti September 1. For the week ended September 11, LTC provided 200 court-hours of rental services for members and collected its fees in cash. On September 13, LTC purchased and recelved tennis balls and other supplies. The regular retal $2.000 to employees for the hours they worked from September 1-15. For the two weeks ended September 25, LTC provided 312 court-hours for members and collected its fees in cash. On September 26, LTC's courts were used for a member's birthday party. LTC expects the member to pay the special event booking fee of $195 on Saturday, October 2 On September 27, LTC local n held on September 26. On September 30, LTC submitted its electricity an to the suppliers' Websites, the total charges for the month will be $290. This amount will be paid on preauthorized online payment wrote a $350 check to an advertising company to prepare advertising fiyers that will be inserted in October 1. On September 29, LTC received $195 on account for the member's birthday party thot was d natural gas meter readings online. According October 17 through a Required