Requlred Information {The following information applies to the questions displayed below.) Outdoor Expo provides guided fishing tours. The company charges $100 per person but offers a 15% 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 ($425 = $85 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 4% discount for payment within 15 days. May 9 Charlene is upset that no one cavett 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 God of the aldunt due. May 29 Charlene pays for the tour after deducting the sales allowance. Required: 1. Record the necessary transactions) for Outdoor Expo on each date. Ii no entry las required for a particular transaction'event, select "No Journal Entry Required" In the first account tleld. Round your answers to 2 decimal places. View transaction list Journal entry worksheet 2 3 4 5 Charlene pays for the tour after deducting the sales allowance. Nale: Enle' dedit Delare credits. Debit Credit Date May 20 General Journal Cash Sales Discounts Accounts Receivable Record entry Clear entry View general journal Required Information (The following information applies to the questions displayed below.) Outdoor Expo provides guided fishing tours. The company charges $100 per person but offers a 15% 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 ($425 = $85 x 5). The tour is scheduled for May 7. May 7 The fishing tour occurs. Outdoor Expo asks that payment be made within 3 days of the tour and offers a 4% discount for payment within 15 days. May 9 Charlene is upset that no one cavett 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 29 Charlene pays for the tour after deducting the sales allowance. 2 Show how Outdoor Expo would present net revenues in its income statement. (Round your answer to 2 decimal places. OUTDOOR EXPO Partial Income Statement Total tour revenues $ Less: Sales allowances Less: Sales discounts 425.00 170.00 Net tour revenues
