Requlred: 1. Assume F\&S offers a deal whereby enrolling in a new membership for $1,200 provides a year of unlimited access to facilities and also entitles the member to recelve a voucher redeemable for 30% off yoga classes for one year. The yoga classes are offered to gym members as well as to the general public. A new membership normally sells for $1,235, and a one-year enrollment in yoga classes sells for an additional $650. F\&S estimates that approximately 50% of the vouchers will be redeemed. F\&S offers a 10% discount on all one-year enrollments in classes as part of its normal promotion strategy. 1. a. \& b. Indicate below whether each item Is a separate performance obligation. For each separate performance obligation you have ndicated, allocate a portion of the contract price. c. Prepare the journal entry to recognize revenue for the sale of a new membership. 2. Assume F\&S offers a "Fit 50" coupon book with 50 prepald visits over the next year. F\&S has learned that Fit 50 purchasers make an average of 40 visits before the coupon book expires. A customer purchases a Fit 50 book by paying $650 In advance, and for any additional visits over 50 during the year after the book is purchased, the customer can pay a $15 visitation fee per visit. F\&S typically charges $15 to nonmembers who use the facilities for a single day. a. \& b. Indicate below whether each item is a separate performance obligation. For each separate performance obligation you have Indicated, allocate a portion of the contract price. c. Prepare the journal entry to recognize revenue for the sale of a new Fit 50 book. Complete this question by entering your answers in the tabs below. Indicate below whether each item is a separate performance obligation. For each separate performance obligation you have indicated, allocate a portion of the contract price. Complete this question by entering your answers in the tabs below. Prepare the journal entry to recognize revenue for the sale of a new membership. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the revenue for the sale of a new membership. Note: Enter debits before credits. Indicated, allocate a portion of the contract price. c. Prepare the journal entry to recognize revenue for the sale of a new membership. 2. Assume F\&S offers a "Fit 50 " coupon book with 50 prepaid visits over the next year. F\&S has learned that Fit 50 purchasers make an average of 40 vIsits before the coupon book expires. A customer purchases a Fit 50 book by paying $650 in advance, and for any additional visits over 50 during the year after the book Is purchased, the customer can pay a $15 visitation fee per visit. F\&S typically charges $15 to nonmembers who use the facilities for a single day. a. \& b. Indicate below whether each item is a separate performance obligation. For each separate performance obligation you have Indicated, allocate a portion of the contract price. c. Prepare the journal entry to recognize revenue for the sale of a new Fit 50 book. Complete this question by entering your answers in the tabs below. Indicate below whether each item is a separate performance obligation. For each separate performance obligation you have indicated, allocate a portion of the contract price. an average of 40 visits betore the coupon book expires. A customer purchases a H bu book by paying $6b0in advance, and tor any additional visits over 50 during the year after the book is purchased, the customer can pay a $15 visitation fee per visit. F\&S typically charges $15 to nonmembers who use the facilities for a single day. a. \& b. Indicate below whether each item is a separate performance obligation. For each separate performance obligation you have Indicated, allocate a portion of the contract price. c. Prepare the journal entry to recognize revenue for the sale of a new Fit 50 book. Complete this question by entering your answers in the tabs below. Prepare the journal entry to recognize revenue for the sale of a new Fit 50 book. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Note: Enter debits before credits
