Aggie Fitness began business in College Station, TX on June 1, 2018. At that time, the company collected $6,000 in advance payments from customers for 12-month gym memberships. At December 31, 2018, after the adjusting entries are recorded and posted, the balances in Unearned Revenue and Membership Revenue should be, respectively, a. $3,000, $3,000b. $2,500, $3,500c. $6,000, $0d. $0, $6,000e. $3,500, $2,500

b. $2,500, $3,500

Explanation:

Amount collected in advance will be recognized as a liability until the revenue is earned. Entries are posted between the cash account and deferred revenue account on collection of cash.

Given that he company collected $6,000 in advance payments from customers for 12-month gym memberships on June 1, 2018.

Debit Cash account $6,000

Credit Unearned revenue $6,000

After 7 months ( between 1 June and 31 December 2018),

Revenue earned = 7/12 × $6,000 = $3,500

On December 31, 2018,

Debit Unearned revenue          $3,500

Credit Membership  Revenue   $3,500

Balance in unearned revenue accounts = $6,000 - $3,500 = $2,500

Balance in Membership revenue = $3,500

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

                                          hope it