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Outdoor Expo provides guided fishing tours. The company charges $ 3 0 0 per person but offers a 2 0 % discount to parties of
Outdoor Expo provides guided fishing tours. The company charges $ per person but offers a discount to parties of four or more. Consider the following transactions during the month of May. May Charlene books a fishing tour with Outdoor Expo for herself and four friends at the group discount price $ $times The tour is scheduled for May May The fishing tour occurs. Outdoor Expo asks that payment be made within days of the tour and offers a discount for payment within days. May 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 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 of the amount due. May Outdoor Expo receives the amount owed by Charlene. Required: Record the necessary transactions for Outdoor Expo on each date. Show how Outdoor Expo would present net revenues in its income statement.
Outdoor Expo provides guided fishing tours. The company charges $ per person but offers a discount to parties of four or more. Consider the following transactions during the month of May.
May Charlene books a fishing tour with Outdoor Expo for herself and four friends at the group discount price $ $times The tour is scheduled for May
May The fishing tour occurs. Outdoor Expo asks that payment be made within days of the tour and offers a discount for payment within days.
May 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 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 of the amount due.
May Outdoor Expo receives the amount owed by Charlene.
Required:
Record the necessary transactions for Outdoor Expo on each date.
Show how Outdoor Expo would present net revenues in its income statement.
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