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Required information [The following information applies to the questions displayed below.] Outdoor Expo provides guided fishing tours. The company charges $300 per person but offers
Required information [The following information applies to the questions displayed below.] 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 = $240 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 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 Charlene pays for the tour after deducting the sales allowance. 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 complete but not entirely correct. No Date Debit Credit General Journal No Journal Entry Required 1 May 02 2 May 07 1,080.00 Accounts Receivable Sales Revenue 1,080.00 % 3 May 09 No Journal Entry Required 4 May 15 324.00 Sales Allowances Accounts Receivable >> 324.00 X 5 May 20 Cash Sales Discounts Accounts Receivable 710.46 X 45.36 X 756.00 X
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