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Can I have help with the last 3 questions ? ndatory - 3 Great Adventure Acctg cycle Saved Help Save & Exit Chech Tony and
Can I have help with the last 3 questions ?
ndatory - 3 Great Adventure Acctg cycle Saved Help Save & Exit Chech 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 es Ape. Jan. 24 Great Adventures purchases outdoor gear such as ropes, helmets, harrasses, compasses, and other miscellaneous equipment for $5,100 cash. Feb. 25 Mr. Kendall's Boy Scout troop participates in a one-day TRAM adventure. Normally, Tony would charge a group of this site $3,600, but he wants to encourage kids to exercise more and enjoy the outdoors so he charges the group only $3,100. Great Adventures provides these services on account Feb. 28 The Boy Scout troop paye the full amount owed, leps the 41 quick-payment discount. Mar. 19 Reynolds Management has its employees participate in a one-day THAN adventure. Great Adventures provides services on account for $4,100, and Reynold's agrees to pay within 30 days. Mar. 27 Reynold's pays the full anount oved, less the 4 quick-payment discount. 7 Several nen from the Elke Lodge decide to participate in a THAH adventure. They pay $7,600, and the event is scheduled for the following week. Apr. 14 The adventure is held for members of the Eike Lodge. Apr. 30 Myers Manufacturing participates in a TRAM adventure. Great Adventures provides services on account for $8,400, and Myers agrees to pay within 30 days. May 31 Hyers Manufacturing fails to pay the amount owed within the specified period and agrees to sigo a three-month, 6 note receivable to replace the existing account receivable. Jun. 15 Several MBA groupe participate in TEAM adventures. Creat Adventures provides services on account for $24,500 to these groups, with payment due in July Consider the following information as of June 30, 2022 Suzie estimates uncollectible accounts to be 8% of accounts receivable (which does not include the $8,400 note receivable from Myers Manufacturing). Prepare the adjusting entry for uncollectible accounts. Accrue one month of interest on the note receivable from Myers Manufacturing General Journal General Ledger Trial Balance Income Statement Balance Sheet Requirement Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, sele in the first account field.) View transaction list Journal entry worksheet 12 ..... Accrue one month of interest on the note receivable from Myers Manufacturing 25 Note: Enter debits before credits. Debit Credit Date Jun 30 Account Title Interest Receivable Interest Revenue 157 157 Record entry Clear entry View general journal bains Prev 1 of 3 Next > Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No ] in the first account field.) View transaction list Journal entry worksheet 8 10 14 9 11 12 Record the closing entry for the revenue accounts. es Note: Enter debits before credits. Account Title Debit Credit Date Jun 30 Record entry Clear entry View general journal Prev 1 of 3 Next > View transaction list Journal entry worksheet 13 14 > 12 8 9 10 Step by Step Solution
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