Question 5 Palm Beach Motel accepts advance telephone reservations for rooms during its summer tourist season but requires a 20% cash deposit by June 1. Palm Beach Motel is considering recording the room rental revenue from these guests using one of the following methods: 1. Record room rental revenue when the 20% deposit is received 2. Record room rental revenue when the telephone reservation is received 3. Record room rental revenue when the 80% balance is collected from the guests 4. Record room rental revenue when the guests stay in the motel 5. 20% of the revenue is recorded when the deposit is received and 80% of the revenue is recorded when the balance due is collected Which option above would you recommend that Palm Beach Motel use? Thoroughly explain why you choose the option that you did. Write your answer in the space below