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Great Adventures Problem AP5-1 [The following information applies to the questions displayed below.] Tony and Suzie are ready to expand Great Adventures even further in

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Great Adventures Problem AP5-1 [The following information applies to the questions displayed below.] 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. Jan. 24 Great Adventuren purchases outdoor goar nueh as ropes, holmets, harnesses, conpasses, and other mincolianeous equipment for $6,000 cash. Feb. 25 Mr. Kendall's Doy seout troop partiolpates in a one-day TeaM adventure. Nornally, Tony woold oharge a group of this size $4,500, but he wanta to encourage kids to exereise more and enjoy the outdoors so he charges the group only \$4,000. Great Adventures provides these iervices on account. Tob. 21 The Boy scout troop pays the full amount owed, lesa the 41 quick-payment discount. Max. 19 heynold' Managenent han ita esployoes participate in a one-day riny adventure. Great Adventures proyides services on account for $5,000, and Reynold's agroen to pay with in 30 days. Mar. 27 reynold's pays the full amount oved, less the 41 quifek-payment discount. Apr. 7 Several men From the 81ks Lodge deeide to participate in a TEAK adventure. Thoy pay 58,500 , and the event io Moheduled for the following week. Apr. 14 The TEMk adventure is held for meabera of the gika Lodge. Apr. 30 Myers Manufacturing participates in a TENM adventure. Great Adventures provides services on account May 31 for $7,000, and Nyern agree to pay within 30 daya. May 11 Myere Manutacturing faili to pay the amount oved within the speoltied period and agrees to sign a three-month, 71 note receivable to replace the exinting account recelvable. Jun. 15 toveral MeA groupa participate in Trah adventures. Great Adventures providen servicea on account for 529,000 to these groups. With payaent due in July. Great Adventures Problem AP5-1 Part 1 Required: 1. Record TEAM adventure trensactions occurring during the first six months of 2022. (if no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet The Boy Scout troop pays the full amount owed, less the 4% quick-payment discount. Note: Enter debits before credis, Journal entry worksheet Reynold's Management has its employees participate in a one-day TEAM adventure. Great Adventures provides services on account for $5,000, and Reynold's agrees to pay within 30 days. Noter Enter debits bafore credits. Journal entry worksheet (1) 2 (3) 45 Several men from the Eliks Lodge decide to participate in a TEAM adventure. They pay $8,500, and the event is scheduled for the following week. Note: Enter debits before ordits. Journal entry worksheet 13(3)45 Several men from the Elks Lodge decide to participate in a TEAM adventure. They pay 58,500 , and the event is scheduled for the following week. Note: Enter debits before credits. Journal entry worksheet Notet Enter detits before credits. Journal entry worksheet Myers Manufacturing participates in a TEAM adventure. Great Adventures provides services on account for $7,000, and Myers agrees to pay within 30 days. Note: Enter debits before credits. Journal entry worksheet Myers Manufacturing fails to pay the amount owed within the specified period and agrees to sign a three-month, 7% note receivable to replace the existing account receivable. Note: Enter debits before credits. Journal entry worksheet Several MBA groups participate in TEAM adventures. Great Adventures provides services on account for $29,000 to these groups, with payment due in July. Note: Enter debits before credits

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