RU FIT Centre opened for business on April 5,2018.For revenue recognition purposes,all memberships are assumed to be issued at the beginning of the month,with 1-year memberships costing $600 and 2-year memberships costing $960.During April,32 1-year memberships and 25 2-year memberships were sold.RU FIT Centre prepares monthly financial statements.Which of the following statements is correct?
A) Revenue to be recognized as earned for the month of April is $2,600.
B) Revenue to be recognized as earned for the month of April is $3,600.
C) Revenue to be recognized as earned for the month of April is $43,200.
D) Deferred revenue at April 30 would be $43,200.
Correct Answer:
Verified
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