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 $600,000
B) revenue of $600,000
C) liability of $0
D) revenue of $50,000
Correct Answer:
Verified
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