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Problem 5 - 2 A ( Algo ) Record transactions related to credit sales and contra revenues ( LO 5 - 1 , 5 -
Problem A Algo Record transactions related to credit sales and contra revenues LO Adventure Fishing provides guided fishing tours. The company charges $ per person but offers a discount to parties of four or moreConsider the following transactions during the month of May. May Charlene books a fishing tour with Adventure Fishing for herself and four friends at the group discount price $ $ The tour is scheduled for May May The fishing tour occurs Adventure Fishing 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. Adventure Fishing has a Istrict policy of no discounts related to number of fish caught. May Upon deeper investigation management of Adventure Fishing 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 of the amount due. May Adventure Fishing receives the amount owed by Charlene
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