Many private golf club properties charge their members an initial application fee and annual membership fees. Regarding these membership fees, members pay cash to the golf property at the beginning of their membership period, and this membership fee grants them access to the facilities for a 365-day period. One of the GAAP rules we discussed in class was the revenue recognition principle. Provide an interpretation of this rule. Describe how these golf properties would report the receipt of upfront cash for future services on its balance sheet. When would the golf property report income? If the Trump Organization collects upfront membership fees for its golf resorts, would you expect to see a deferred revenue/unearned revenue liability on its balance sheet? Why or why not?