Homework Answers
The adjusting entry at year end is as follows:
| Date | Account and Explanation | Debit($) | Credit($) |
|---|---|---|---|
| 1) | Cash | 14,000 | |
| Gym Membership Revenue | 14,000 | ||
| (Recorded the Gym Membership Revenue collected) |
So correct answer is option (4) or Credit to Gym Membership Revenue for $14,000.
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