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Prepare an REA diagram for a Fitness Center using the following assumptions. We only offer individual memberships. Each membership costs a client $50 per month. On the first of each month, our Accounts Payable clerk sends to each client a monthly bill for $50. The client is expected to pay the bill within 10 days or the membership will be cancelled. When the check comes in, our Cash Receipts clerk deposits it into our sole bank account. (Hint: Do we need a Resource connected to the Sale event? Do we need a Resource connected to the Cash Receipt event?)

Prepare an REA diagram for a Fitness Center using the following assumptions. We only offer individual memberships. Each membership costs a client $50 per month. On the first of each month, our Accounts Payable clerk sends to each client a monthly bill for $50. The client is expected to pay the bill within 10 days or the membership will be cancelled. When the check comes in, our Cash Receipts clerk deposits it into our sole bank account. (Hint: Do we need a Resource connected to the Sale event? Do we need a Resource connected to the Cash Receipt event?)

Understanding Business
Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Prepare an REA diagram for a Fitness Center using the following assumptions. We only offer individual memberships. Each membership costs a client $50 per month. On the first of each month, our Accounts Payable clerk sends to each client a monthly bill for $50. The client is expected to pay the bill within 10 days or the membership will be cancelled. When the check comes in, our Cash Receipts clerk deposits it into our sole bank account. (Hint: Do we need a Resource connected to the Sale event? Do we need a Resource connected to the Cash Receipt event?)
Transcribed Image Text:Prepare an REA diagram for a Fitness Center using the following assumptions. We only offer individual memberships. Each membership costs a client $50 per month. On the first of each month, our Accounts Payable clerk sends to each client a monthly bill for $50. The client is expected to pay the bill within 10 days or the membership will be cancelled. When the check comes in, our Cash Receipts clerk deposits it into our sole bank account. (Hint: Do we need a Resource connected to the Sale event? Do we need a Resource connected to the Cash Receipt event?)
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