Exercise 6-11 (Static) Variable consideration - expected value; change in estimate (LO6-3, 6-6) Rocky Guide Service provides guided 1-5 day hiking tours throughout the Rocky Mountains. Wilderness Tours hires Rocky to lead various tours that Wilderness sells. Rocky receives $1,000 per tour day, and shortly after the end of each month Rocky learns whether it will receive a $100 bonus per tour day it guided during the previous month if its service during that month received an average evaluation of excellent" by Wilderness customers. The $1.000 per day and any bonus due are paid in one lump payment shortly after the end of each month awarded cored On July 1, based on prior experience, Rocky estimated there is a 30% chance it will earn the bonus for July tours. It gulded a total 10 days from July 1 July 15 . On July 16, based on Rocky's view that it had provided excellent service during the first part of the month, Rocky revised its estimate to an 80% chance it would earn the bonus for July tours. Rocky also guided customers for 15 days from July 16 July 31 On August 5 Rocky learned It did not receive an average evaluation of excellent for its July tours, so it would not receive any bonus for July, and received all payment due for the July tours. ferences Rocky bases estimates of variable consideration on the expected value it expects to receive, Required: 1. to 3. Prepare the journal entries to record the transactions above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) General Journal Credit No 1 Date July 15 Debit 1,000 3 Accounts receivable Service revenue 1.000 2 July 31 Accounts receivable Bonus receivable Service revenue 15,000 2,500 8 0 17,500 3 3 August 05 25,000 Cash Accounts receivable SO 25,000 August 05 2,500 4 Service revenue Bonus receivable det inte no response was expected to a formula base calculation is incorrect ne painte deducted 2,500 3