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How should Pemco record the receipt of cash on January

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Question - Pemco Enterprises sells annual memberships to its shooting lodge. The memberships cost $300 each. On January 1, Pemco sold 2,000 memberships and received cash. How should Pemco record the receipt of cash on January 1?

A. liability of $0

B. liability of $600,000

C. revenue of $600,000

D. revenue of $50,000

Reference no: EM132483838

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