part a
part b
Required information Problem 5-2A Record transactions related to credit sales and contra revenues (LO5-1, 5-2) The following information applies to the questions displayed below.) Outdoor Expo provides guided fishing tours. The company charges $170 per person but offers a 20% 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 ($680 - $136 5). The tour is scheduled for May 7. May 7 The fishing tour occurs. Outdoor Expo bills Charlene and offers discount terms of 6/15, 1/30. 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 Charlene's 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 48 of the amount due. May 28 Charlene pays for the tour after deducting the sales allowance. Problem 5-2A Part 1 Required: 1. Record the necessary transaction(s) for Outdoor Expo on each date. (if no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field. Round your answers to 2 decimal places.) Journal entry worksheet Charlene books a fishing tour with Outdoor Expo for herself and four friends at the group discount price ($680 = $136 x 5). Irhe tour is scheduled for May 7. Note: Enter debits before credits. General Journal Debit Credit Date May 02 Record entry Clear entry View general Journal Journal entry worksheet The fishing tour occurs. Outdoor Expo asks that payment be made within 30 days of the tour and offers a 6% discount for payment within 15 days. Note: Enter debits before credits Date General Journal Debit Credit May 07 Record entry Clear entry View general Journal View transaction list Journal entry worksheet 2 3 4 5 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. Note: Enter debits before credits General Journal Debit Credit Date May 09 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 5 Upon deeper investigation, management of Outdoor Expo discovers that Charlene's 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 40% of the amount due. Note: Enter debits before credits General Journal Debit Date May 15 Credit Record entry Clear entry View general Journal Journal entry worksheet 1 2 3 4 5 Charlene pays for the tour after deducting the sales allowance. Note: Enter debits before credits General Journal Debit Credit Date May 20 Record entry Clear entry View general journal Check Required information Problem 5-48 Record transactions related to uncollectible accounts (LO5-4,5-5) The following information applies to the questions displayed below) Facial Cosmetics provides plastic surgery primarily to hide the appearance of unwanted scars and other blemishes. During 2021, the company provides services of $398,000 on account of this amount, $48,000 remains uncollected at the end of the year. An aging schedule as of December 31, 2021, is provided below. Estimated Anount Percent Age Group Receivable Uncollectible Not yet due $28,000 0-30 days past due 9,800 54 31-60 days past due 6,800 les More than 6e days past due 3,400 20 Total $48.000 Problem 5-4B Part 2 Allowance for collectible Accounts before adistmeat is Prir View transaction list References Journal entry worksheet
