The following disclosures (excerpted) are from the August 28, 2016, annual report of Costco Wholesale Corporation.

Revenue Recognition: We generally recognize sales, net of estimated returns, at the time the member takes possession of merchandise or receives services. When we collect payment from customers prior to the transfer of ownership of merchandise or the performance of services, the amount recieved is generally recorded as deferred revenue on the consolidated balance sheets until the sales or service is completed. Membership fee revenue represents annual membership fees paid by our memberships. We account for membership fee revenue, net of estimated refunds, on a deferred basis, whereby revenue is recognized ratably over the one-year membership period.

Revenue ($ millions)	August 28, 2016	August 30, 2015	August 31, 2014
Net Sales	$116,073	$113,666	$110,212
Membership fees	2,646	2,533	2,428
Total revenue	$118,719	$116,199	$112,640

Current Liabilities ($ millions)	August 28, 2016	August 30, 2015
Accounts payable	$7,612	$9,011
Current portion of long-term debt	1,100	1,283
Accrued salaries and benefits	2,629	2,468
Accured member rewards	869	813
Deferred membership fees	1,362	1,269
Other current liabilities	2,003	1,695
Total current liabilities	$15,575	$16,539

Use the balance sheet information on Costco's Deferred Membership Fees liability account and its income statement revenues related to Membership Fees earned during 2016 to compute the cash that Costco received during 2016 for membership fees. Total cash received (in $ millions) = $

Use the financial statement effects template to show the effect of the cash Costco received during 2016 for membership fees and the recognition of membership fees revenue for 2016.

Use negative signs with answers, when appropriate.

	Balance Sheet
Transaction ($ millions)	Cash Asset	+	Noncash Assets	=	Liabilities	+	Contributed Capital	+	Earned Capital
Receive cash in advance for membership fees	Answer		Answer		Answer		Answer		Answer
Recognized membership fees earned	Answer		Answer		Answer		Answer		Answer