Required information The following information applies to the questions displayed below Lakewood Tennis Club (LTC) operates an indoor tennis facility. The company charges a $170 annual membership fee plus a member rental rate of $12 per court per hour. LTC's fiscal year-end is August 31. LTC's revenue recognition policy is described in its financial statement notes as follows: Revenue Recognition-LTC generates revenue from two sources. Annual membership fees arise from providing 12 months of services to members, so they are reported as membership revenue each month as these services are provided. Court rental fees are generated by renting courts each day, so they are reported as service revenue when courts are used by members On August 31,6 new members joined and paid the annual membership fee in cash. The memberships do not begin until September 1. For the week ended September 11, LTC provided 220 court-hours of rental services for members and collected its fees in cash. On September 13, LTC purchased and received tennis balls and other supplies. The regular retail price was $305, but LTC negotiated a lower amount ($290) that is to be paid in October. C 15, LTC paid $2,400 to employe es for the hours they worked from September 1-15. For the two weeks ended ovided 372 court-hours for members and collected its fees in cash. On September 26, LTC's s the member to pay the special event booking fee of $220 check to an advertising company to prepare advertising ptember 25, LTC pr courts were used for a member's birthday party. LTC expect on Saturday, October 2. On September 27, LTC wrote a $390 flyers that will be inserted in local newspapers on October 1. On September 29, LTC received $220 on account for the member's birthday party that was held on September 26. On September 30, LTC submitted its electr gas meter readings online. According to the suppliers' websites, the total charges for ine month wr ee Tris amount will be paid on October 17 through a preauthorized online payment city and natural