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Calculations for the adjusting entry

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Reference no: EM131814588

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?

Reference no: EM131814588

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