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Rocky Guide Service provides guided 1 to 5 day hiking tours throughout the Rocky Mountains, Widerness Tours hires Rocky to lead vatious tours that Widderness

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Rocky Guide Service provides guided 1 to 5 day hiking tours throughout the Rocky Mountains, Widerness Tours hires Rocky to lead vatious tours that Widderness selis. Rocky recelves $2,000 per tour day, and shortly after the end of each month, Rocky learns whether it will receive a $200 bonus per tour day it guided during the previous month if its service during thot month recelved an average evaluation of "excellent" by Widerness customers. The $2,000 per day and any bonus due are paid in one fump payment shortly after the end of eoch month. - On July 1 , batod on prior experience, Rocky estimated there is a 20% chance it will earn the bonus for July tours, it guided a total of 10 days from July 1 to July 15. - On July 16 , bised on Rocky's view that it had provided excellent service during the first part of the month, Rocky revised its estimate to an 70% chance it would earn the bonus for all July tours. Rocky also guided customers for 15 days from July 16 to July 31 - On August 5, Rocky leamed it did not recelve an average evaluation of "excellent" for its July tours, so it would not recelve any bonus for July, and recelved all payment due for the July tours. Rocky bases estimates of variable consideration on the most likely amount it expects to receive. Required: 1. Prepoce Rocky's July 15 journal entry to record revenue for tours given from July 1-July 15 2. Prepare Rocilys July 31 journal entry to rocord revenue for tours given from July 16 - July 3t. 3. Prepare Rocky's August 5 journat entry to record any necessary adjustments to revenue and receipt of poyment from Widerness. Note: If no entry is required on a specific date, select "No journal entry required" in the first account field. Journal entry worksheet Record Aocky's July 15 joumal entry for revenue from tours given from July 1 to duly 15

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