assume that a local health club records 100 percent of amounts received from membership fees in the month the cash is received rather than to accrue it over the twelve month period of membership. The reason given (by the company) is that the company does not specifically provide any services for members after the time the fees are paid. Do you agree with this company's accounting? Why or why not? Assume the accounting does not comply with GAAP, explain how the books should be corrected when the improper accounting is discovered.
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