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A fitness center sells an annual membership for $600, with payments collected upfront. How much revenue should be recognized monthly? How much revenue will be

A fitness center sells an annual membership for $600, with payments collected upfront.

  1. How much revenue should be recognized monthly?
  2. How much revenue will be recognized after 7 months?
  3. What is the unrecognized revenue at the end of the year?
  4. How should the fitness center record the initial cash received?

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