Ch $5-$RWP GrtAdv

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Tony and Suzie are ready to expand Great Adventures even further in $2025.$ Tony believes that many groups in the community $($for example, Boys and Girls Clubs, 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 $5\%$ 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.

January $24$ Great Adventures purchases outdoor gear such as ropes, helmets, harnesses, compasses, and other miscellaneous equipment for $$4,500$ cash.

February $25$ Kendall's Boys and Girls Club participates in a one$-$day TEAM adventure. Normally, Tony would charge a group of this size $$3,000,$ but he wants to encourage kids to exercise more and enjoy the outdoors so he charges the group only $$2,500.$ Great Adventures provides these services on account.

February $28$ Great Adventures receives payment from the Boys and Girls Club for the full amount owed, less the $5\%$ quick$-$payment discount.

March $19$ Reynold's Management has its employees participate in a one$-$day TEAM adventure. Great Adventures provides services on account for $$3,500,$ and Reynold's agrees to pay within $30$ days.

March $27$ Great Adventires receives payment from Reynold's for the full amount owed, less the $5\%$ quickpayment discount.

Several men from the Elks Lodge decide to participate in a TEAM adventure. Great Adventures receives $$7,000$ immediately and the event is scheduled for the following week.

April $14$ The TEAM adventure is held for members of the Elks Lodge.

April $30$ Myers Manufacturing participates in a TEAM adventure. Grea account for $$5,500,$ and Myers agrees to pay within $30$ days.

May $31$ Myers Manufacturing fails to pay the amount owed within the

sign a three$-$month, $8\%$ note receivable to replace the existing account receivable.

June $15$ account for $$21,500$ to these groups, with payment due in July.