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Part 1 (40 points)Primary Task Response: Within the Discussion Board area, write up to 3 paragraphs that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas: Using your textbook, the library, the Internet, or any other available materials, do the following: Post a 600–900-word report in which you explain to the client how the account deposits should be recorded. Answer the following questions: How should the deposits be recorded?How should the tuition fees be recorded under Option 1 and Option 2?How should the additional $100 processing fees be recorded?What if the parents do not make the biweekly payments?How should Sam and George record unpaid tuition fees?Which method should the client use to record its revenue (i.e., allowance method or the direct write-off method)?
ANSWERS FOR THE ABOVE QUESTIONS ARE AS FOLLOWS: Answer for (1) Are deposits in transit recorded on company or bank’s books ? or they customerschecks?Voting in the election of directors ,declaring…
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