a journal entry sheet for each day
Required information Great Adventures Problem AP5-1 The following information applies to the questions displayed below) Tony and Suzie are ready to expand Great Adventures even further in 2022. Tony believes that many groups in the community (for example, Boy Scouts, church groups, civic groups and local businesses) would like to hold one-day outings for their members Groups would engage in outdoor activities such as rock climbing, fishing, capture the flag, paintball, treasure hunts, scavenger hunts nature hikes, and so on The purpose of these one-day events would be for each member of the group to learn the importance of TEAM (Together Everyone Achieves More). Tony knows that most people are not familiar with these types of activities, so to encourage business he allows groups to participate in the event before paying He offers a 4% quick-payment discount to those that pay within 10 days after the event. He also guarantees that at least eight hours of outdoor activities will be provided or the customer will receive a 20% discount for the first six months of the year, the following activities occur for TEAM operations Jan. 24 Great Adventures purchases outdoor gear such as ropes, helsets, harnesses, compasses, and other miscellaneous equipment for $4,700 cash. Feb. 25 Mr. Kendall's Boy Scout troop participates in one day TEAM adventure. Normallya Tony would charge group of this size $3,200, but he wants to encourage was to exercise more and enjoy the outdoors so he charges the group only $2,700, Great Adventures provides these services on account: Feb. 28 The Boy Scout troop pays the full amount owed, less the as quick-payment discount. Mar. 19 Reynold's Management has its employees participate in a one day TEAM adventure. Great Adventures provides services on account for $3,700, and Reynoldsagrees to pay within 30 days Mar. 27 Reynold's pays the full amount owed, let the 4% quick payuent discount Apr. 7 several men from the Elks Lodge decide to participate in a TEAM adventures, They pay $7.200, and the event is scheduled for the following week. Apr. 14 The TEAM adventure is held for embers of the elk codice Apr. 30 Myers Manufacturing participates in TEAM adventure Great Adventures provide services on account for 55.700, and Myers agrees to pay within 30 days. May 31 Myers Manufacturing fails to pay the onont owed within the specified period and agrees to sign three month, 7% note receivable to replace the existing account receivable Tun 15 Several NBA groups participate in TEA adventures. Great Adventures prov des services on account for $22,500 to these groups, with payment due in July