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Required information [The following information applies to the questions displayed below.) Outdoor Expo provides guided fishing tours. The company charges $260 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 ($1,170 = $234 * 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 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 30% of the amount due. May 20 Charlene pays for the tour after deducting the sales allowance. 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.) View transaction list View Journal entry worksheet No Date General Journal May 02 No Journal Entry Required Debit Credit 1 an BE 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.) View transaction list No View Journal entry worksheet General Journal No Journal Entry Required Debit Date May 02 Credit 1 2 May 07 Accounts Receivable 1.170.00 1.170.00 3 May 09 No Journal Entry Required 4 May 15 351.00 Sales Allowances Accounts Receivable 351.00 5 May 20 Cash Sales Discounts Accounts Receivable ! Required information (The following information applies to the questions displayed below.) Outdoor Expo provides guided fishing tours. The company charges $260 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 ($1,170 = $234 * 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 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 30% of the amount due. May 20 Charlene pays for the tour after deducting the sales allowance. 2. Show how Outdoor Expo would present net revenues in its income statement. (Round your answers to 2 decimal places.) OUTDOOR EXPO Partial Income Statement Total tour revenues $ 1.170.00 Less: Sales allowances Less: Sales discounts Net tour revenues
