Elena Rodriguez started a business offering an exer cise facility and personal physical training. Elena has hired you as a financial consultant to help her set up her accounting system. She has rented a space for her business, purchased several exercise machines, and hired a part-time exercise instructor. Elena’s clients can either pay a fee for each visit or purchase a membership.

Write a plan for Elena Rodriguez explaining the types of financial information she needs to record. Describe the source documents that might be a part of her business. For example, should Elena send invoices to her non-membership clients or ask them to pay at each visit? Describe why it is important for Elena to record both the cost of doing business and the income from the business.