Problem 5-2A (Algo) Record transactions related to credit sales and contra revenues (LO5-1, 5-2) Brooks Expeditions provides guided fishing tours. The company charges $100 per person but offers a 15% discount to parties of four or more. Consider the following transactions during the month of May. May 2 Charlene books a fishing tour with Brooks Expeditions for herself and four friends at the group discount price ( 5425=$85 5). The tour is scheduled for May 7. May 7 The fishing tour occurs. Brooks Expeditions asks that payment be made within 30 days of the tour and offers a 4% discount for payment within 15 days. May 9 Charlene is upset that no one caught a single fish and asks management for a discount, Brooks Expeditions has a strict policy of no discounts related to number of fish caught. May 15 Upon deeper investigation, management of Brooks Expeditions 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 40k of the amount due. May 20 Brooks Expeditions receives the amount oved by Charlene. Required: 1. Record the necessary transaction(s) for Brooks Expeditions on each date. 2. Show how Brooks Expeditions would present net revenues in its income statement. Complete this question by entering your answers in the tabs below. Record the necessary transaction(s) for Brooks Expeditions on each date. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to 2 decimal places.) Journal entry worksheet 5 Charlene books a fishing tour with Brooks Expeditions for herself and four friends at the group discount price ($425=$855 ). The tour is scheduled for May 7. Notet Enter thebits before credits. Complete this question by entering your answers in the tabs below. Record the necessary transaction(s) for Brooks Expeditions on each date. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations, Round your answers to 2 decimal places.) Journal entry worksheet 5 The fishing tour occurs. Brooks Expeditions asks that payment be made within 30 days of the tour and offers a 4% discount for payment within 15 days. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Record the necessary transaction(s) for Brooks Expeditions on each date. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to 2 decimal places.) Journal entry worksheet Charlene is upset that no one caught a single fish and asks management for a discount. Brooks Expeditions has a strict policy of no discounts related to number of fish caught. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Record the necessary transaction(5) for Brooks Expeditions on each date. (If no entry is required for a particular transaction/event, select "No Joumal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to 2 decimal places.) Journal entry worksheet Upon deeper investigation, management of Brooks Expeditions 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 bodore credits. Complete this question by entering your answers in the tabs below. Record the necessary transaction(s) for Brooks Expeditions on each date. (If no entry is required for a particular transaction/event, select "No Joumal Entry Required" in the first account field. Do not round intermediate calculations, Round your answers to 2 decimal places.) Journal entry worksheet 1 Brooks Expeditions receives the amount owed by Charlene. Nole: Hrice debkes thefore credis. Complete this question by entering your answers in the tabs below. Show how Brooks Expeditions would present net revenues in its income statement. (Do not round intermediate calculations. Round your answers to 2 decimal places.)
