Required information Great Adventures Problem AP5-1 [The following information applies to the questions displayed below.) Tony and Suzie are ready to expand Great Adventures even further in 2022. Tony believes that many groups in the community (for example, Boy Scouts, church groups, civic groups, and local businesses) would like to hold one-day outings for their members, Groups would engage in outdoor activities such as rock climbing, fishing, capture the flag. paintball, treasure hunts, scavenger hunts, nature hikes, and so on. The purpose of these one-day events would be for each member of the group to learn the importance of TEAM (Together Everyone Achieves More). Tony knows that most people are not familiar with these types of activities, so to encourage business he allows groups to participate in the event before paying. He offers a 6% quick-payment discount to those that pay within 10 days after the event. He also guarantees that at least eight hours of outdoor activities will be provided or the customer will receive a 20% discount. For the first six months of the year, the following activities occur for TEAM operations. Jan. 24 Great Adventures purchases outdoor gear such as ropes, belts, harnesses, compasses, and other miscellaneous equipment for $4,600 cash. Feb. 25 Mr. Kendall's Boy Scout troop participates in a one-day TEAM adventure. Normally. Tony would charge a group of this size $3,100, but he wants to encourage kids to exercise more and enjoy the outdoors 30 he charges the group only $2,600. Great Adventures provides these services on account. Feb. 28 The Boy Scout troop paya the full amount owed, less the 6% quick-payment dincount. Mar. 19 Reynold's Management has its employees participate in a one-day TEAM adventure. Great Adventures provides services on account for $3,600, and Reynold's agrees to pay within 30 days. Mar. 27 Reynold's pays the roll amount owed, less the 6t quick-payment discount. Apr. 7 Several mon from the Elka Lodge decide to participate in a TEAM adventure. They pay $7, 100, and the eventi 19 scheduled for the following week. Apr. 14 The TEAM adventure is hold for members of the Elks Lodge. Apr. 30 Myers Manufacturing participates in a TEAM adventure. Great Adventures provides services on account for $5,600, and Myers agrees to pay within 30 days. May 31 Myers Manufacturing fails to pay the amount owed within the specified period and agrees to sign a three month, 98 noto receivable to replace the existing account receivable. Jun. 15 Several MBA groups participate in TEAM adventures. Great Adventures provides services on account or $22,000 to these groups, with payment due in July. eat Adventures Problem AP5-1 Part 2 of 2 a. Suzie estimates uncollectible accounts to be 5% of accounts receivable which does not include the $5,600 note receivable from Myers Manufacturing Prepare the adjusting entry for uncollectible accounts of no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field) View transaction list Journal entry worksheet