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Rocky Guide Service provides guided 1 to 5 day hiking tours throughout the Rocky MountainsWilderness Tours hires Rocky to lead various tours that Wilderness sells.

Rocky Guide Service provides guided 1 to 5 day hiking tours throughout the Rocky MountainsWilderness Tours hires Rocky to lead various tours that Wilderness sells. Rocky receives $2,200 per tour day, and shortly after the end of each month, Rocky learns whet it will receive a $220 bonus per tour day it guided during the previous month if its service during that month received an average evaluation of "excellentby Wilderness customers. The $2,200 per day and any bonus due are paid in one lump payment shortly af the end of each month On July 1, based on prior experience, Rocky estimated there is a 40% chance it will earn the bonus for July tours. It guided a total 10 days from July 1 to July 15 On July 16, based on Rocky's view that it had provided excellent service during the first part of the month, Rocky revised its estima to an 90% chance it would earn the bonus for July toursRocky also guided customers for 15 days from July 16 to July 31 On August 5 Rocky learned it did not receive an average evaluation of " excellentfor its July tours, so it would not receive any bonus for July, and received all payment due for the July tours Rocky bases estimates of variable consideration on the expected value it expects to receive Required: 1. Prepare Rocky's July 15 journal entry to record revenue for tours given from July 1-July 152. Prepare Rocky's July 31 journal entry to record revenue for tours given from July 16-July 313. Prepare Rocky's August 5 journal entry to record any necessary adjustments to revenue and receipt of payment from Wilderness

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