Hi,
I belong to a bike club. Ride leaders get credits that they can redeem in the future for special bike clothing that the club purchases in advance. What would be the accounting entries to:
1. Register the liability related to the credits we owe?
2. Reduce the liability when the credits are redeemed?
Thank you
I belong to a bike club. Ride leaders get credits that they can redeem in the future for special bike clothing that the club purchases in advance. What would be the accounting entries to:
1. Register the liability related to the credits we owe?
2. Reduce the liability when the credits are redeemed?
Thank you