Rocky Gulde Service provides guided 1 to 5 day hiking tours throughout the Rocky Mountains. Wilderness Tours hires Rocky to lead various tours that Wiiderness sells. Rocky recelves $3,000 per tour day, and shortly after the end of each month, Rocky learns whether it will recelve a $300 bonus per tour day it guided during the previous month if its service during that month received an average evaluation of "excellent" by Wilderness customers, The $3,000 per day and any bonus due are paid in one lump payment shortly after the end of each month. - On July 1, based on prior experience, Rocky estimated there is a 30% 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, based on Rocky's view that it had provided excellent service during the first part of the month, Rocky revised its estimate to an 80% chance it would eam the bonus for July tours. Rocky 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 "excellent" for its July tours, so lt 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 recelve. Required: 1. Prepare Rocky's July 15 journal entry to record revenue for tours given from July 1-July 15 2. Prepare Rocky's July 31 journal entry to record revenue for tours given from July 16 -July 31 3. Prepare Rocky's August 5 Journal entry to record any necessary adjustments to revenue and recelpt of payment 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 2 Record Rocky's July 15 journal entry for revenue from tours given from July 1 to July 15 . repare Rocky's July 15 journal entry to record revenue for tours given from July 1 -July 15. repare Rocky's July 31 journal entry to record revenue for tours given from July 16 -July 31 . repare Rocky's August 5 journal entry to record any necessary adjustments to revenue and r Vilderness. f no entry is required on a specific date, select "No journal entry required" in the first accol ournal entry worksheet Record Rocky's July 31 journal entry for revenue from tours given from July 16 to July 31 . Note: Enter debits before credits. bases estimates of variable consideration on the expected value it expects to receive. ired: Prepare Rocky's July 15 journal entry to record revenue for tours given from July 1 -July 15. Prepare Rocky's July 31 journal entry to record revenue for tours given from July 16 -July 31. Prepare Rocky's August 5 journal entry to record any necessary adjustments to revenue and rec Wilderness. If no entry is required on a specific date, select "No journal entry required" in the first account Journal entry worksheet Record Rocky's August 5 journal entry for the receipt of payment from Wilderness. Note: Enter debits before credits. repare Rocky's July 31 journal entry to record revenue for tours given from July 16 -July 31. repare Rocky's August 5 journal entry to record any necessary adjustments to revenue and receip Vilderness. In entry is required on a specific date, select "No journal entry required" in the first account fi Journal entry worksheet Record Rocky's August 5 journal entry for any necessary adjustments to revenue. Note: Enter debits before credits
