{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T09:50:17-04:00", "answer_date": "2024-06-28 09:50:17", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4288861", "url": "\/study-help\/questions\/please-help-im-not-getting-it-my-deadline-is-tonight-4288861", "question_creation_date_js": "2024-06-28T09:50:17-04:00", "question_creation_date": "Jun 28, 2024 09:50 AM", "meta_title": "[Solved] Please help I'm not getting it. My deadli | SolutionInn", "meta_description": "Answer of - Please help I'm not getting it. My deadline is tonight. Exercise 5-10 variable consideration - most likely amount; Cha | SolutionInn", "meta_keywords": "help,m,deadline,tonight,exercise,5-10,variable,consideration,-,amount,change,estimate", "question_title_h1": "Please help I'm not getting it. My deadline is tonight. Exercise 5-10 variable consideration - most likely amount; Change in estimate lLO53, 5-5] Rocky Guide", "question_title": "Please help I'm not getting it. My deadline is tonight. Exercise 5-10", "question_title_for_js_snippet": "Please help I'm not getting it My deadline is tonight Exercise 5 10 variable consideration most likely amount Change in estimate lLO53, 5 5 Rocky Guide Service provides guided 1 5 day hiking tours throughout the Rocky Mountains Wilderness Tours hires Rocky to lead various tours that Wilderness sells Rocky receives $1,000 per tour day, and shortly alter the end of each month Rocky learns whether it will receive a $100 bonus per tour day it guided during the previous month if its service during that month received an average evaluation of excellent by Wilderness customers The $1,000 per day and any bonus due are paid in one lump payment shortly after the end of each month On July 1, based on prior experience, Rocky estimated that there is a 30 chance that it will earn the bonus for July tours lt guided a total of 10 days from July 1 July 15 On July 16, based on Rocky's view that it had provided excellent service during the rst part of the month, Rocky revised its estimate to an 80 chance it would earn the bonus for July tours Rocky also guided customers for 15 days from July 16 July 31 On August 5 Rocky learned that it did not receive an average evaluation of excellent for its July tours, so it would not receive any bonus for July, and received all payment due for the July tours Rocky bases estimates of variable consideration on the most likely amount it expects to receive Required Required 1 to 3 Prepare the journal entries to record the transactions above If no entry is required for a transactionievent, select No journal entryr required in the first account field ) ' 1 July 15 Accounts receivable 10,000 Service revenue 10,000 1' 2 July 31 Accounts receivable 15,000 Bonus receivable Service revenue 1' 3 August 05 Cash Accounts receivable f 4 August 05 Service revenue Bonus receivable", "question_description": "

Please help I'm not getting it. My deadline is tonight.<\/p>

\"image\"image<\/div><\/div><\/div> Exercise 5-10 variable consideration - most likely amount; Change in estimate lLO53, 5-5] Rocky Guide Service provides guided 1-5 day hiking tours throughout the Rocky Mountains. Wilderness Tours hires Rocky to lead various tours that Wilderness sells. Rocky receives $1,000 per tour day, and shortly alter the end of each month Rocky learns whether it will receive a $100 bonus per tour day it guided during the previous month if its service during that month received an average evaluation of \"excellent\" by Wilderness customers. The $1,000 per day and any bonus due are paid in one lump payment shortly after the end of each month. - On July 1, based on prior experience, Rocky estimated that there is a 30% chance that it will earn the bonus for July tours. lt guided a total of 10 days from July 1-July 15. - On July 16, based on Rocky's view that it had provided excellent service during the rst part of the month, Rocky revised its estimate to an 80% chance it would earn the bonus for July tours. Rocky also guided customers for 15 days from July 16-July 31. - On August 5 Rocky learned that it did not receive an average evaluation of \"excellent\\\" for its July tours, so it would not receive any bonus for July, and received all payment due for the July tours. Rocky bases estimates of variable consideration on the most likely amount it expects to receive. Required: Required: 1. to 3. Prepare the journal entries to record the transactions above. {If no entry is required for a transactionievent, select \"No journal entryr required\" in the first account field.) .......... \/' 1 July 15 Accounts receivable 10,000 Service revenue 10,000 1' 2 July 31 Accounts receivable 15,000 Bonus receivable Service revenue 1' 3 August 05 Cash Accounts receivable f 4 August 05 Service revenue Bonus receivable", "transcribed_text": "", "related_book": { "title": "Principles Of Accounting Volume 2 Managerial Accounting", "isbn": "0357364805, 9780357364802", "edition": "1st Edition", "authors": "OpenStax", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/2022\/04\/626124ab6f7b1_547626124ab246f0.jpg", "uri": "\/textbooks\/principles-of-accounting-volume-2-managerial-accounting-1st-edition-9780357364802", "see_more_uri": "" }, "free_related_book": { "isbn": "1628450681", "uri": "\/textbooks\/elements-of-debating-a-manual-for-use-in-high-schools-and-academies-1st-edition-978-1628450682-312609", "name": "Elements Of Debating A Manual For Use In High Schools And Academies", "edition": "1st Edition" }, "question_posted": "2024-06-28 09:50:17", "see_more_questions_link": "\/study-help\/questions\/business-banking-2021-September-12", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/december-31-2015-balance-sheet-data-for-patel-company-follow", "description": "December 31, 2015, balance sheet data for Patel Company follow. 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