Complete this question by entering your answers in the tabs below. Prepare the journal entry to recognize revenue for the sale of a new membership. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field, Journal entry worksheet Record the revenue for the sale of a new membership. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare the journal entry to recognize revenue for the sale of a new Fit 70 book. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the revenue for the sale of a new Fit 70 book. Note! Enter debits before credits. Fit 8 Slim (FaS) is a health club that offers members vanous gym servces: Penquitred: 1. Acsume Fos offers a deal whereby enrolling in a new membership for $1,500 provides a year of unimited access to faciutues and also entities the member to recelve a voucher redeemable for 30% off yoga classes for one year. The yoga chasses are offered to gym members as well as to the general public. A new membership normally selis for $1,560, and a one-year enroliment in yoga classes selis for an additional $650 FeS estimates that approximatehy 50% of the vouchers wit be redeemed FeS offers a tons discount on all oneyear enroliments in classes as part of tis nomal promotion strategy o. \& b. Indicate below whether each ltem is a separate performance obligabon. For each separate performance obligation you have indicated, allocate a portion of the contract price c. Prepare the joumal entry to recognize revenue for the sale of a new membership. 2 Assime Fes offers a *Fit 70 coupon book with 70 prepald visits over the next year. Fes has leamed that fit 70 purchasers make an average of 60 visits before the coupon book expires. A customer purchases a Fit 70 book by paying $650 in advance, and for any additional visis over 70 during the year afer the book is purchased, the customer can pay a $15 vistation fee per visit. FeS typicaliy charges $15 to nonmembers who use the facilies for a single day o. 8 b. Indicate below whether each item is a separate performance obligation for each separate performance obtigation you have indicated, allocate a portion of the contract price c. Prepare the joumal entry to recognize revenue for the sale of a new Ft 70 book. Complete this question by entering vour answers in the tabs below. Indicate below whether each item is a separate performance obligation. For each separate performance obligation you have indicated, allocate a portion of the contract price. Classes selis for an additional $650 F\&S estimates that approximately 50% of the vouchers wil be redeemed. F\&S offers a 10% discount on all one-year enroliments in classes as part of its normal promotion strategy. a. \& b. Indicate below whether each item is a separate performance obligation. For each separate performance obligation you have indicated, allocate a portion of the contract price. c. Prepare the journal entry to recognize revenue for the sale of a new membership. 2 Assume F\&S offers a "Ft 70 coupon book with 70 prepaid visits over the next year. F\&S has learned that Fit 70 purchasers make an average of 60 visits before the coupon book explres. A customer purchases a Fit 70 book by paying $650 in advance, and for any additional visits over 70 during the year after the book is purchased, the customer can pay a $15 visitation fee per visit f\&S typically charges $15 to nonmembers who use the facilities for a single day a. sb. Indicate below whether each item is a separate performance obligation. For each separate performance obligation you have indicated, allocate a portion of the contract price c. Prepare the joumal entry to recognize revenue for the sale of a new fit 70 book. Complete this question by entering your answers in the tabs below. Indicate below whether each item is a separate performance obligation. For each separate performance obligation you have indicated, allocate a portion of the contract price
