Problem 5-2A (Algo) Record transactions related to credit sales and contra revenues (LO5-1, 5-2) Outdoor Expo provides guided fishing tours. The company charges $300 per person but offers a 20% 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 ( $1,200= $2405). 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 6% 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 Outdoor Expo receives the amount owed by Charlene. Required: 1. Record the necessary transaction(s) for Outdoor Expo on each date. 2. Show how Outdoor Expo would present net revenues in its income statement