xiv. A tennis club offered a special rate for upfront annual memberships at the start of the season. If patrons paid their 12 months' fees in advance they only had to pay S1,200. The tennis club recorded the fees received as "Membership Revenue", and 300 people signed up. At the end of the financial year the tennis club had been operational for 3 months Record the adjusting entry for the tennis club (Alternative: record the adjusting entry assuming the initial cash receipt was recorded as a liability when received.) Nelson owns a cruise ship and leased it for 8 years receiving $9.6 million (the entire lease amount) at the commencement of the lease. Nelson recorded the receipt of the money as Unearned Rent Revenue. Record the adjusting entry when his first financial year ends two months after the lease commenced Alternative: record the adjusting entry assuming the initial cash receipt was recorded as revenue when received.) xv. xvi. On 1 September 2013, Stephen Services purchased a new digital SLR camera for S18,500. The depreciation charge for the camera is S3,000 per year. Record the adjusting entry for depreciation for thefinancial year ending 30 June 2017 (Alternative: record the adjusting entry assuming the camera was purchased on 1 September 2016.) Alternative: record the adjusting entry assuming the depreciation charge was $350 per month and the camera was purchased on 1 September 2013.) (Alternative: record the adjusting entry assuming the depreciation charge was S350 per month and the camera was purchased o Septemer 2016.)