Required: 1. Assume F\&S offers a deal whereby enrolling in a new membership for $1 , 000 provides a year of unlimited access to facilities and also entities the member to recelve a voucher redeemable for 30% off yoga classes for one year. The yoga classes are offered to gym members as well as to the general public. A new membership normally sells for $1 , 140 , and a one-year enrollment in yoga classes sells for an additional $600 . F\&S estimates that approximately 50% of the vouchers will be redeemed. F\&S offers a 10% discount on all one-year enrollments in classes as part of its normal promotion strategy. a. \& b. Indicate below whether each item is a separate performance obligation. For each separate performance obligation you have indicated, allocate a portion of the contract price. c. Prepare the journal entry to recognize revenue for the sale of a new membership. 80 purchasers make an average of 70 visits before the coupon book expires. A customer purchases a Fit 80 book by paying $600 in advance, and for any additional visits over 80 during the year after the book is purchased, the customer can pay a $10 visitation fee per visit. F\&S typically charges $10 to nonmembers who use the facilities for a single day. a. \& b. Indicate below whether each item is a separate performance obligation. For each separate performance obligation you have indicated, allocate a portion of the contract price. c. Prepare the journal entry to recognize revenue for the sale of a new Fit 80 book. Complete this question by entering your answers in the tabs below. Indicate below whether each item is a separate performance obligation. For each separate performance obligation you have indicated, allocate a portion of the contract price. Prepare the journal entry to recognize revenue for the sale of a new membership. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account Journal entry worksheet Record the revenue for the sale of a new membership. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Indicate below whether each item is a separate performance obligation. For each separate performance obligation you hav indicated, allocate a portion of the contract price. Complete this question by entering your answers in the tabs below. Prepare the journal entry to recognize revenue for the sale of a new Fit 80 book. Note: If no entry is required for a transaction/event, select "No journal entry require Journal entry worksheet Record the revenue for the sale of a new Fit 80 book. Note: Enter debits before credits.
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Required- 1- Assume F-&S offers a deal whereby enrolling in a new memb.docx
1. Required: 1. Assume F&S offers a deal whereby enrolling in a new membership for $1 , 000
provides a year of unlimited access to facilities and also entities the member to recelve a voucher
redeemable for 30% off yoga classes for one year. The yoga classes are offered to gym members
as well as to the general public. A new membership normally sells for $1 , 140 , and a one-year
enrollment in yoga classes sells for an additional $600 . F&S estimates that approximately 50%
of the vouchers will be redeemed. F&S offers a 10% discount on all one-year enrollments in
classes as part of its normal promotion strategy. a. & b. Indicate below whether each item is a
separate performance obligation. For each separate performance obligation you have indicated,
allocate a portion of the contract price. c. Prepare the journal entry to recognize revenue for the
sale of a new membership. 80 purchasers make an average of 70 visits before the coupon book
expires. A customer purchases a Fit 80 book by paying $600 in advance, and for any additional
visits over 80 during the year after the book is purchased, the customer can pay a $10 visitation
fee per visit. F&S typically charges $10 to nonmembers who use the facilities for a single day. a.
& b. Indicate below whether each item is a separate performance obligation. For each separate
performance obligation you have indicated, allocate a portion of the contract price. c. Prepare the
journal entry to recognize revenue for the sale of a new Fit 80 book. Complete this question by
entering your answers in the tabs below. Indicate below whether each item is a separate
performance obligation. For each separate performance obligation you have indicated, allocate a
portion of the contract price. Prepare the journal entry to recognize revenue for the sale of a new
membership. Note: If no entry is required for a transaction/event, select "No journal entry
required" in the first account Journal entry worksheet Record the revenue for the sale of a new
membership. Note: Enter debits before credits. Complete this question by entering your answers
in the tabs below. Indicate below whether each item is a separate performance obligation. For
each separate performance obligation you hav indicated, allocate a portion of the contract price.
Complete this question by entering your answers in the tabs below. Prepare the journal entry to
recognize revenue for the sale of a new Fit 80 book. Note: If no entry is required for a
transaction/event, select "No journal entry require Journal entry worksheet Record the revenue
for the sale of a new Fit 80 book. Note: Enter debits before credits.
