Everything You Need 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 $2,400 million on January 31, 2016, and $2,200 million on January 31, 2017 and the company received membership fees in cash of $4,400 million during the year, what amount was recognized as Membership Fee Revenue for the fiscal year? Select one: A. $4,600 million B. $4,280 million C. $4,216 million D. $8,560 million

Everything You Need 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 $2,400 million on January 31, 2016, and $2,200 million on January 31, 2017 and the company received membership fees in cash of $4,400 million during the year, what amount was recognized as Membership Fee Revenue for the fiscal year? Select one: A. $4,600 million B. $4,280 million C. $4,216 million D. $8,560 million

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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