Meggie's Fitness Center Received $720 from a Customer in Advance

question 117

Short Answer

Meggie's Fitness Center received $720 from a customer in advance for one year membership in the fitness center. The entry that would be made to record the fee receipt is:

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Definitions:

Progressive Tax

A tax system in which the tax rate increases as the taxable amount increases, thus higher income earners pay a larger percentage of their income in taxes.

Libertarians

Individuals who advocate for minimal government intervention in the personal and economic lives of citizens, emphasizing individual liberty and free-market principles.

Diminishing Marginal Utility

A principle stating that as consumption increases, the marginal utility derived from each additional unit declines.

Negative Tax

A form of subsidy where the government pays individuals or entities rather than collecting taxes, aimed at providing financial assistance.