To demonstrate an understanding of revenue recognition (Chapter 6)

I posted this already but its taking a while.

2 On March 1, 2021, Toned Fitness received $600 for a two-year gym membership from one customer. Complete the following tasks related to the above transaction: (1) l'oned Fitness recognizes revenue on a monthly basis. Prepare the journal entry that the company would record on March 31,2021 related to the transaction. (2) The company's fiscal year end is December 31, 2021. As of December 31, 2021, what amounts would be inchided in the company's balance sheet and income statement related to this transaction? Parpose 10 The purpose of this problem is to demonstrate tan understanding of analyzing revenue transactious, recording jountal entries and determining lintucial 11 statement ellects. 12 13 Insiructions 14 After analyzing the information, prepsre the journal entry and determine the transaction's financial statement effects (clearly identify cach financial 15 statement, the amounts and related accounts). 17 Gaidance 18 For formatting guidance, see the examples that are provided in Chapter 6 of the texthook