Explain how the entity recognizes revenue

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Reference no: EM132791296

XYC Company ( the entity), Mr. Dela Cruz, the owner and manager of health clubs, enters into a contract with a customer for one year of access to any of its health clubs. The customer has unlimited use of the health clubs and promises to pay P 1000 per month.

Required:

Question i. Identify if the performance obligation is satisfied ( over time or at a period of time?)

Question ii. Explain how the entity recognizes revenue.

Reference no: EM132791296

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