Motorcycle Madness sells an annual membership to its club for $300. On July 1, 2017 Motorcycle Madness sells 1,000 of these. The memberships begin immediately. The club prepares financial statements annually on December 31 .
Required: Prepare the journal entries that Motorcycle Madness would record on July 1, 2017, December 31, 2017, and on June 30, 2018.
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