Question
1. The local YMCA holds a fundraising drive and offers a free 12-month gym membership (worth $200) to new members that donate $300 on December
1. The local YMCA holds a fundraising drive and offers a free 12-month gym membership (worth $200) to new members that donate $300 on December 31, 2019. 100 new members sign-up and pay the $300. The YMCA is on a June 30th fiscal year. Explain the accounting treatment of this activity.
2. Provide the journal entries required for the activity in Question 7 at December, 2019, and at June 30, 2020.
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Here local YMCA is a non profit organisation so the entrance fee received i...
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Intermediate Accounting 2014 FASB Update
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
15th edition
978-1118938782, 111893878X, 978-1118985311, 1118985311, 978-1118562185, 1118562186, 978-1118147290
