Tee Time GuestLodge, Inc. also has the right to operate a golf course near the national park. GuestLodge sells punch cards to the course, where customers can pay $500 to purchase a 10-Pack (10 rounds of golf). The punch cards do not have a stated expiration date. Apply the five-step revenue recognition process to the sale of golf punch cards. Assume a customer purchased a 10-pack on 6/1/20x2.

Please reference FASB ACCOUNTING STANDARDS FOR GUIDANCE