QS 3-9Preparing adjusting entries (annual)-unearned revenue LO4 October 1, 2017 Dec. 31, 2017 Sept. Jan. Mar. May July Feb. Apr. June Aug. Oct. 2017 b. c. d. Nov. Jan. Mar. May July Dec. Feb. Apr. June Aug 2018 Sept. Nov. Club 17X Fitness prepares financial statements on an annual basis and has a December 31 year-end. On October 1, 2017, Club 17X sells a one-year prepaid gym membership for $300 cash. a. Record the journal entry on October 1, 2017. Oct. Dec. How much is the gym membership per month? How many months have passed between October 1, 2017 and December 31, 2017? Page 192 In order to prepare the annual financial statements, record the adjusting journal entry on December 31, 2017. QS 3-10Preparing adjusting entries (annual)-unearned revenue LO4 On November 1, 2017, Race Car Repairs collected $12,000 from a customer for services to be provided in the future. On December 31, 2017, Race Car Repairs' year-end, it was determined that $3,000 of the services had not been provided (unearned). a. Record the journal entry on November 1, 2017. b. How much revenue was earned as of December, 31, 2017? c. To prepare the 2017 annual financial statements, record the adjusting entry for December, 31, 2017