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QUESTION 13 Assume ClubFit offers another package that includes two distinct performance obligations: (1) 10-day unlimited yoga class pass, and (2) a yoga mat. The
QUESTION 13 Assume ClubFit offers another package that includes two distinct performance obligations: (1) 10-day unlimited yoga class pass, and (2) a yoga mat. The yoga package costs $160. The standalone price of the yoga class pass is $150 and the standalone price of the yoga mat is $50. Prepare the journal entry needed to recognize revenue for the sale of one yoga package that is paid in cash (assume the yoga mat is given to the customer on the date of the sale). Debit Acccount Credit Account Debit $ Credit $ V 7 (Enter smaller credit value here.) (Enter larger credit value here.)
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