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The Rink offers annual $250 memberships that entitie members to unlimited use of ice skating facilities and locker rooms. Each new membership also entities the
The Rink offers annual $250 memberships that entitie members to unlimited use of ice skating facilities and locker rooms. Each new membership also entities the member to receive ten 20% off a 55 meal coupons that are redeemable at the Rink snack bar. The Rink estimates that approximately 75% of the coupons will be redeemed, and that if the coupons weren't redeemed 55 meals still would be discounted by 4% because of ongoing promotions Required: Prepare the journal entry to recognize the sale of a new membership Clearly identify revenue or deferted revenue associated with each performance obligation (if no entry is required for a transaction/event, select "No journal entry required in the first account field. Round your answers to 2 decimal places.)
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