UEARNED REVENUE Shew the effects of each transaction on the balance sheet equation, and prepare journal entries to record the transactions On January 1, 2017, Charlie Rangel paid $2,000 for a two year membership to the Beam Gym. Labilities Equity (b) By December 31, 2017, one half of Rangel's membership expired. Prepare the required adjusting journal entry on that date Debit ld By December 31, 2018, the remainder of Rangel's membership expired. Prepare the required adjusting journal entry on that date. Dec 31, 2018