Final answer:
No journal entry is required specifically on September 1 for the unearned revenue from Costco Lubbock's membership sales. However, each month they would typically recognize a portion of this revenue, amounting to $562,500, by adjusting their Unearned Revenue account accordingly.
Step-by-step explanation:
On August 1, Costco Lubbock collects $45 for each of the 150,000 one-year family memberships sold. These are considered deferred revenues and are recorded as such because the service (membership benefits) has yet to be provided. Costco has a fiscal year-end of December 31, but we're asked about the journal entry required on September 1. However, no journal entry is required on September 1 for the unearned revenue because there has been just one month since the collection date on August 1, and the revenue recognition would be typically performed monthly or at year-end.
If we were to recognize the revenue monthly, by September 1, Costco should recognize one month's worth of membership revenue. To calculate the monthly recognized revenue: Total revenue from memberships is 150,000 × $45 = $6,750,000. Since the memberships are for one year, the monthly recognized revenue is $6,750,000 / 12 = $562,500. The adjusting journal entry at the end of each month (including September 1) would include a debit to Unearned Revenue for $562,500 and a credit to Membership Revenue for the same amount.