Adventure Fishing provides guided fishing tours. The company charges $110 per person but offers a 20% discount to parties of four or more. Consider the following transactions during the month of May.

May 2	Charlene books a fishing tour with Adventure Fishing for herself and four friends at the group discount price ($440 = $88 5). The tour is scheduled for May 7.
May 7	The fishing tour occurs. Adventure Fishing asks that payment be made within 30 days of the tour and offers a 6% discount for payment within 15 days.
May 9	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 15	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 30% of the amount due.
May 20	Adventure Fishing receives the amount owed by Charlene.

Required: 1. Record the necessary transaction(s) for Adventure Fishing on each date. 2. Show how Adventure Fishing would present net revenues in its income statement.

View transaction list View journal entry worksheet \begin{tabular}{|c|c|c|c|c|c|} \hline & No & Date & General Journal & Debit & Credit \\ \hline & 1 & May 02 & Entertainment Expense & 440 & \\ \hline \multirow[t]{2}{*}{} & 2 & May 07 & Sales Discounts & 26.80 & \\ \hline & & & Accounts Receivable & & 26.80 \\ \hline & 3 & May 09 & No Journal Entry Required & & \\ \hline \multirow[t]{2}{*}{} & 4 & May 15 & Sales Allowances & 132.00 & \\ \hline & & & Accounts Receivable & & 132.00 \\ \hline \multirow[t]{2}{*}{} & 5 & May 20 & Cash & 440.00 & \\ \hline & & & Accounts Receivable & & 440 \\ \hline \end{tabular} 2>