Outdoor Expo provides guided fishing tours. The company charges $180 per person but offers a 10% discount to parties of four or more. Consider the following transactions during the month of May.

May 2 Charlene books a fishing tour with Outdoor Expo for herself and four friends at the group discount price ($810 = $162 5). The tour is scheduled for May 7. May 7 The fishing tour occurs. Outdoor Expo asks that payment be made within 30 days of the tour and offers a 5% discount for payment within 15 days. May 9 Charlene is upset that no one caught a single fish and asks management for a discount. Outdoor Expo has a strict policy of no discounts related to number of fish caught. May 15 Upon deeper investigation, management of Outdoor Expo discovers that Charlenes tour was led by a new guide who did not take the group to some of the better fishing spots. In concession, management offers a sales allowance of 30% of the amount due. May 20 Charlene pays for the tour after deducting the sales allowance.

1.

value: 11.11 points

Required information

Required:

1. Record the necessary transaction(s) for Outdoor Expo on each date. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to 2 decimal places.)

References

eBook & Resources

General JournalLearning Objective: 05-01 Recognize accounts receivable.

Difficulty: 3 HardLearning Objective: 05-02 Calculate net revenues using discounts, returns, and allowances.

Check my work

2.

value: 11.11 points

Required information

2. Show how Outdoor Expo would present net revenues in its income statement. (Round your answers to 2 decimal places.)