tion Question 6 (1 point) Saved On July 1, Year 1, Olympus Gym Corp. (Olympus) sold the following memberships for cash: 100 one-year memberships for a total of $36,000 50 two-year memberships for a total of $30,000 20 three-year memberships for a total of $14,400 Olympus recorded the receipt of cash as follows: DR Cash CR unearned revenue 80,400 80,400 The memberships are all effective on July 1, Year 1. Olympus has a December 31 year end and only prepares adjusting entries at year end. Olympus reports under ASPE. At December 31, Year 1, the adjusting journal entry that Olympus should record related to these memberships requires a credit for which one of the following? Unearned revenue $27,900 Membership revenue $27,900 Unearned revenue $52,500 Membership revenue $55,800