We Got It All Warehouse Company recognizes membership fee revenues over the term of the membership, which is 12 months. If their Unearned Membership Fee Revenue account had a balance of $3,600 million on January 31, 2019, and $3,300 million on January 31, 2020 and the company received membership fees in cash of $6,600 million during the year, what amount was recognized as Membership Fee Revenue for the fiscal year?

Question

Quizplus · Accepted Answer

$3,600 + $6,600 - X = $3,300
X = $3,600 + $6,600 - $3,300
X = $6,900

We Got It All Warehouse Company Recognizes Membership Fee Revenues