Problem 5-2A (Algo) Record transactions related to credit sales and contra revenues (LO5-1, 5-2) Adventure Fishing provides guided fishing tours. The company charges $230 per person but offers a 10% discount to parties of four or more. Consider the following transactions during the month of May. May 2 May 7 May 5 Charlene books a fishing tour with Adventure Fishing for herself and four friends at the group discount price ($1,035 $207 5). The tour is scheduled for May 7. The fishing tour occurs. Adventure Fishing asks that payment be made within 30 days of the tour and offers a 5% discount for payment within 15 days.. Charlene is upset that no one caught a single fish and asks management for a discount. Adventure Fishing has a strict policy of no discounts related to number of fish caught. May 15 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 40% of the amount due. May 28 Adventure Fishing receives the amount owed by Charlene. Required: 1. Record the necessary transaction(s) for Adventure Fishing on each date. 2. Show how Adventure Fishing would present net revenues in its income statement. Required 1 Required 2 Record the necessary transaction(s) for Adventure Fishing on each date. (If no entry is required for a particu "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your ans View transaction list Journal entry worksheet < 1 2 3 4 5 Charlene books a fishing tour with Adventure Fishing for herself and four friends at the group discount price ($1,035 $207 x 5). The tour is scheduled for May 7. Note: Enter debits before credits. Date May 02 General Journal Debit Credit Record entry Clear entry View general journal > Required 1 Required 2 Record the necessary transaction(s) for Adventure Fishing on each date. (If no entry is required f "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Rou View transaction list Journal entry worksheet < 1 2 3 4 5 The fishing tour occurs. Adventure Fishing asks that payment be made within 30 days of the tour and offers a 5% discount for payment within 15 days. Note: Enter debits before credits, Date May 07 General Journal Debit Credit Record entry Clear entry View general journal > Required 1 Required 2 Record the necessary transaction(s) for Adventure Fishing on each date. (If no entry is required for "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Roun View transaction list Journal entry worksheet < 1 2 3 4 5 Charlene is upset that no one caught a single fish and asks management for a discount. Adventure Fishing has a strict policy of no discounts related to number of fish caught. Note: Enter debits before credits. Date May 09 General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 ecord the necessary transaction(s) for Adventure Fishing on each date. (If no entry is require No Journal Entry Required" in the first account field. Do not round intermediate calculations. R View transaction list Journal entry worksheet < 1 2 3 5 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 40% of the amount due. Note: Enter debits before credits. Date May 15 General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 Record the necessary transaction(s) for Adventure Fishing on each date. (If no entry is required for a "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round y View transaction list Journal entry worksheet < 1 2 3 4 5 Adventure Fishing receives the amount owed by Charlene. Note: Enter debits before credits. Date May 20 General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 Show how Adventure Fishing would present net revenues in its income statement. Round your answers to 2 decimal places.) ADVENTURE FISHING Partial Income Statement Total tour revenues Net tour revenues