Assume a local health club, Texas Two-Step (TTS), records 100 percent of amounts received from annual membership fees in the month the cash is received, which is the first month of the new year. The reason given is that TTS does not specifically provide any services for members after the time the fees are paid. Do you agree with TTS’s accounting? Why or why not? Assuming the accounting does not comply with GAAP, explain how the books should be corrected if the error is discovered in the subsequent year.