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Adventure Fishing provides guided fishing tours. The company charges $ 2 0 0 per person but offers a 1 0 % discount to parties of
Adventure Fishing provides guided fishing tours. The company charges $ per person but offers a discount to parties of four or more. Consider the following transactions during the month of May. May Charlene books a fishing tour with Adventure Fishing for herself and four friends at the group discount price $ $times The tour is scheduled for May May The fishing tour occurs. Adventure Fishing asks that payment be made within days of the tour and offers a discount for payment within days. May Charlene is upset that no one caught a single fish and asks management for a discount. Adventure Fishing has a strict policy of no discounts related to number of fish caught. May Upon deeper investigation, management of Adventure Fishing discovers that Charlenes tour was led by a new guide who did not take the group to some of the better fishing spots. In concession, management offers a sales allowance of of the amount due. May Adventure Fishing receives the amount owed by Charlene. Required: Record the necessary transactions for Adventure Fishing on each date. Show how Adventure Fishing would present net revenues in its income statement.
Adventure Fishing provides guided fishing tours. The company charges $ per person but offers a discount to parties of four or more. Consider the following transactions during the month of May.
May Charlene books a fishing tour with Adventure Fishing for herself and four friends at the group discount price $ $times The tour is scheduled for May
May The fishing tour occurs. Adventure Fishing asks that payment be made within days of the tour and offers a discount for payment within days.
May Charlene is upset that no one caught a single fish and asks management for a discount. Adventure Fishing has a strict policy of no discounts related to number of fish caught.
May Upon deeper investigation, management of Adventure Fishing discovers that Charlenes tour was led by a new guide who did not take the group to some of the better fishing spots. In concession, management offers a sales allowance of of the amount due.
May Adventure Fishing receives the amount owed by Charlene.
Required:
Record the necessary transactions for Adventure Fishing on each date.
Show how Adventure Fishing would present net revenues in its income statement.
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