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Just need the ones that are incorrect Please and thank you! Rocky Gulde Service provides gulded 1 to 5 day hiking tours throughout the Rocky
Just need the ones that are incorrect
Please and thank you!
Rocky Gulde Service provides gulded 1 to 5 day hiking tours throughout the Rocky Mountains. Wilderness Tours hires Rocky to lead varlous tours that Wilderness sells. Rocky recelves $2,500 per tour day, and shortly after the end of each month, Rocky learns whether It will recelve a $250 bonus per tour day It gulded during the previous month if Its service during that month recelved an average evaluation of "excellent" by Wilderness customers. The $2,500 per day and any bonus due are paid in one lump payment shortly after the end of each month. - On July 1 , based on prior experlence, Rocky estimated there is a 40% chance It will earn the bonus for July tours. It guided a total of 10 days from July 1 to July 15. - On July 16 , based on Rocky's vlew that It had provided excellent service during the first part of the month, Rocky revised Its estimate to an 90% chance It would earn the bonus for all July tours. Rocky also guided customers for 15 days from July 16 to July 31 . - On August 5, Rocky learned It did not recelve an average evaluation of "excellent" for Its July tours, so It would not recelve any bonus for July, and recelved all payment due for the July tours. Rocky bases estimates of varlable consideration on the most likely amount It expects to recelve. Requlred: 1. Prepare Rocky's July 15 Journal entry to record revenue for tours given from July 1-July 15. 2. Prepare Rocky's July 31 journal entry to record revenue for tours glven from July 16 July 31 . 3. Prepare Rocky's August 5 journal entry to record any necessary adjustments to revenue and recelpt of payment from Wilderness. Note: If no entry Is required on a speciflc date, select "No journal entry required" In the first account fleldStep by Step Solution
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