Solved: Company received 24000 jan 1 for memberships for the year, Accounting Basics

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Company received 24000 jan 1 for memberships for the year

Company received $24,000 Jan 1 for memberships for the year. Individual memberships are $240 per person, for the year.

Here are my calculations for the adjusting entry:

$24,000/12 months = $2,000/moà Since customers paid in advance, we would take 2,000 off each month? Or subtract this value from 24,000 for the adjusting journal entry?

Here are the journal entries I have for the month:

DR CR

Jan. 1 Cash 24,000

Unearned memberships 24,000

Jan. 31 Unearned Memberships 2,000

Membership revenue 2,000

Is this correct?

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Accounting Basics: Company received 24000 jan 1 for memberships for the year

Reference No:- TGS02610097

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Accounting Basics: Company received 24000 jan 1 for memberships for the year

Reference No:- TGS02610097

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