Q$-3-$ Answer the following questions and give proper justification in support of your answers:

a$)$ A gym receives a $$500$ payment on October $1$ for a six$-$month membership starting November $1.$ Has the gym earned any revenue on October $1?$ When and how should the revenue be recognized?

b$)$ A company sells goods on credit for $$5,000$ in April, with payment due in $30$ days. How should this transaction be recorded in the company's books on the date of sale, and what happens if the customer doesn't pay by the due date?

c$)$ A company takes out a loan of $$100,000$ with an annual interest rate of $5\%.$ If the loan is taken out on June $1,$ how much interest expense should be recognized in the financial statements by December $31$ of the same year?

d$)$ If a company records the purchase of a fixed asset as an expense, what type of error is this, and how will it affect the financial statements?

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