DEFERRED REVENUE On January 1, Year 1, Charlie Rangel paid $2,000 for a two-year membership to the Beam Gym. Prepare the joumal entry to record the receipt of cash on January 1, Year 1. Ensure the equation still balances and debits credits Assets = Liabilities + Stockholders Equity By December 31, Year 1, one half of Rangel's membership expired. Prepare the required adjusting journal entry on that date. Ensure the equation still balances and debits credits Assets Liabilities + Stockholders Equity By December 31, Year 2, the remainder of Rangel's membership expired. Prepare the required adjusting journal entry on that date. Ensure the equation still balances and debits credits Assets Liabilities + Stockholders Equity Post the entries above to the Defered Revenue account: Deferred Revenue 1/1/yeari 12/31/year 2 Ending Balance