Required information Problem 5-2A Record transactions related to credit sales and contra revenues (LO5-1, 5-2) [The following information applies to the questions displayed below.] Outdoor Expo provides guided fishing tours. The company charges $290 per person but offers a 10% 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 ($1,305 = $261 x 5). 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 5% 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 40% of the amount due. May 20 Charlene pays for the tour after deducting the sales allowance. Problem 5-2A Part 1 Required: 1. Record the necessary transaction(s) for Outdoor Expo on each date. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to 2 decimal places.) Answer is not complete. No 1 Date May 02 General Journal No Journal Entry Required 2 May 07 Accounts Receivable 3 May 09 No Journal Entry Required 4 May 15 Sales Allowances Accounts Receivable 5 May 20 Cash Sales Discounts Accounts Receivable Debit Credit 1,305.000 1,305.00 261.00 X 261.00 X 1,002.00 X 42.00 X