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, Select one: a. $0, $6,000 b. $6,000, $0 c. $3,000, $3,000 d. $2,500, $3,500 e. $3,500, $2,500 PreviousSave AnswersNext

College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
Problem 2E: On October 31, the Vermillion Igloos Hockey Club received 800,000 in cash in advance for season...
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  1. 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,

Select one:
a. $0, $6,000
b. $6,000, $0
c. $3,000, $3,000
d. $2,500, $3,500
e. $3,500, $2,500
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