I was taught a different version of the tune by my forner mother- in-law when I was a teen. She lived in Fayette County PA and they were oneness pentecosrals in the late 30's through the 50's. I think it was a mission church. They experienced a revival of sorts which brought a lot of mountain folk and coalminers in until the pastor was caught "in sin" and I was told by multiple people that he was struck by lightening. This and other events made them believe that god struck sinners down Ananais and Sapphira style.

Her version:

"Some people jump around all night at the D-A-N-C-E, while others go to church yo show their brand new H-A-T.
They smear their face with a great big dob of P-A-I-N-T, and still they have the brass to say they're S-A-V-E-D

I'm H-A-P-P-Y to know I'm F-R-double+E, since Jesus came to live inside my
H-E-A-R-T..."

I cannot recall the rest. I love seeing the other verses and the chorus that others posted. I love the simple and "fun" tune that combines with some heavy, self righteous lyrics. The mismatch just makes the song fun and ridiculous.

I assume that, as this song made its way across the country that various people added to, and took away from it to suit the colloquial ways of the region and the individual beliefs of the congregation/ church.