Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please helo me correct my mistakes Tony and Suzie are ready to expand Great Adventures even further in 2022. Tony believes that many groups in

please helo me correct my mistakes image text in transcribed
image text in transcribed
image text in transcribed
Tony and Suzie are ready to expand Great Adventures even further in 2022. Tony believes that many groups in the cormmunity ffor example, Boy Scouts, church groups, civic groups, and local businesses) would like to hold one-day outings for their members. Groups would engage in outdoor activities such as rock climbing, fishing, copture the flag, paintball, treasure hunts, scavenger hunts, nature. hikes, and so on. The purpose of these one-day events would be for each member of the group to learn the importance of TEAM (Together Everyone Achieves More). Tony knows that most people are not familiar with these types of activities, so to encourage business he allows groups to participate in the event before paying. He offers a 4% quick-payment discount to those that pay within to doys after the event. He also guarantees that at least eight hours of outdoor activities will be provided or the customer will receive a 20% discount For the first six months of the year, the following activities occur for TEAM operations. Jan. 24 Great Adventures purchases outdoor gear such as ropes, hetnets, harnesses, conpasses, and other misceltaneous equiphent for 54,100 cash. Feb. 25Mr. Kendall's Boy Scout troop particightes in a one-day TEA adventure. Normally, Tony would charge a group of this size $2,6e0, but he mants to encourage kids to exercise nore and enjoy the dutdoors so he charges the group only \$2,16e. Great Adventures provides these services on acceunt. Feb. 28 The Boy scout troop pays the fult anount owed, less the 4 quick quicaysent discount. Mar. 10 Reynold's Manogenent has its esployees porticipate in a one-day TEAG adventure. Great Adventures provides services on account for \$3,100, and Reybold's agrees to pay within 30 days. Mar. 27 Reynold's pays the full anount owed, less the 44 quick-paytent disceunt . Apr. 7 Several men fron the Llks Lodge decide to participate in a Tes adventure. They pay $6,600, and the event is scheduled for the follewing week. Apr. 14 The TEN adventure is held for seabers of the tiks Ledge. Apr, 3 e Ayers Manufacturing participates in a TEAM adventure. Great Adventures provides services on account for 166 , eee. and Hyers agrees to pay within 30 days. May 31 Myers Manufacturing fails to pay the amount owed within the specified period and agrees to sign a three-fonth. 6 note receivable to replace the existing acceunt receivable. Jua. 15 Several MBA groups participate in TEN adventures. Great Adventures provides services on account for s19, 50 a to these groups, with payent due in July. Consider the following information as of June 30,2022 . - Suzie estimates uncollectible accounts to be 8% of accounts receivable (which does not include the $66,000 note receivable from Myers Manufacturing). Prepare the adjusting entry for uncollectible accounts. - Accrue one month of interest on the note recelvable from Mvers Manufacturina

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Reporting Exam Kit Kaplan Approved Acca

Authors: Kaplan Publishing

1st Edition

9781787404137

More Books

Students also viewed these Accounting questions