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, helmets, harnesses, compasses, and other miscellaneous equipment for $5,800 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 $4,300, but he wants to encourage kids to exercise more and enjoy the outdoors so he charges the qroup only $3,800. Great Adventures provides these services on account. Feb. 28 The Boy Scout troop pays the full amount owed, less the 6% quick-payment discount. Mar. 19 Reynold's Management has its employees participate in a one-day TEAM adventure. Great Adventures provides services on account for $4,000, and Reynold's agrees to pay within 30 days. Mar. 27 Reynold's pays the full amount owed, less the 6% quick-payment discount. Apr. 7 Several men from the Elks Lodge decide to participate in a TEAM adventure. They pay SB, 300, and the event is scheduled for the following week. Apr. 14 The TEAM adventure is held for members of the Elks Lodge. Apr. 30 Myers Manufacturing participates in a TEAM adventure. Great Adventures provides services on account for $6,800, 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, 9% note receivable to replace the existing account receivable Jun. 15 Several MBA groups participate in TEAM adventures. Great Adventures provides services on account for $28,000 to these groups, with payment due in July. Journal entry worksheet 1 1 2 3 4 5 6 7 8 9 10 > Great Adventures purchases outdoor gear such as ropes, helmets, harnesses, compasses, and other miscellaneous equipment for $5,800 cash. Note: Enter debits before credits. General Journal Debit Credit Date Jan. 24, 2022 Record entry Clear entry View general journal Journal entry worksheet 2 3 4 5 6 7 8 9 10 > Mr. Kendall's Boy Scout troop participates in a one-day TEAM adventure. Normally, Tony would charge a group of this size $4,300, but he wants to encourage kids to exercise more and enjoy the outdoors so he charges the group only $3,800. Great Adventures provides these services on account. Note: Enter debits before credits. General Journal Debit Credit Date Feb. 25, 2022 Record entry Clear entry View general journal Journal entry worksheet The Boy Scout troop pays the full amount owed, less the 6% quick-payment discount. Note: Enter debits before credits. Date General Journal Debit Credit Feb. 28, 2022 Record entry Clear entry View general journal Journal entry worksheet Reynold's Management has its employees participate in a one-day TEAM adventure. Great Adventures provides services on account for $4,800, and Reynold's agrees to pay within 30 days. Note: Enter debits before credits. General Journal Debit Credit Date Mar. 19, 2022 Record entry Clear entry View general journal Journal entry worksheet Reynold's pays the full amount owed, less the 6% quick-payment discount. Note: Enter debits before credits. General Journal Debit Credit Date Mar 27, 2022 Record entry Clear entry View general journal Journal entry worksheet Several men from the Elks Lodge decide to participate in a TEAM adventure, They pay $8,300, and the event is scheduled for the following week. Note: Enter debits before credits. Date General Journal Debit Credit Apr. 7, 2022 Record entry Clear entry View general journal Journal entry worksheet The TEAM adventure is held for members of the Elks Lodge. Note: Enter debits before credits. Date General Journal Debit Credit Apr. 14, 2022 Record entry Clear entry View general journal Journal entry worksheet Myers Manufacturing participates in a TEAM adventure. Great Adventures provides services on account for $6,800, and Myers agrees to pay within 30 days. Note: Enter debits before credits. General Journal Debit Credit Date Apr 30, 2022 Record entry Clear entry View general journal Journal entry worksheet
