RWP$5-1($Algo$)$ Great Adventures Continuing Problem

$[$The following information applies to the questions displayed below.$]$

Tony and Suzie are ready to expand Great Adventures even further in $2025.$ Tony believes that many groups in the

community $($for example, Boys and Girls Clubs, church groups, civic groups, and local businesses$)$ would like to hold one$-$

day outings for their members. Groups would engage in outdoor activities such as rock climbing, fishing, capture the flag,

paintball, treasure hunts, scavenger hunts, nature hikes, and so on$.$ The purpose of these one$-$day events would be for

each member of the group to learn the importance of TEAM $($Together Everyone Achieves More$).$

Tony knows that most people are not familiar with these types of activities, so to encourage business he allows groups to

participate in the event before paying. He offers a $4\%$ quick$-$payment discount to those that pay within $10$ days after the

event. He also guarantees that at least eight hours of outdoor activities will be provided or the customer will receive a $20\%$

discount. For the first six months of the year, the following activities occur for TEAM operations.

January $24$ Great Adventures purchases outdoor gear such as ropes, helmets, harnesses, compasses, and other

miscellaneous equipment for $$4,100$ cash.

February $25$ Kendall's Boys and Girls Club participates in a one$-$day TEAM adventure. Normally, Tony would charge a group

of this size $$2,600,$ but he wants to encourage kids to exercise more and enjoy the outdoors so he charges

the group only $$2,100.$ Great Adventures provides these services on account.

February $28$ Great Adventures receives payment from the Boys and Girls Club for the full amount owed, less the $4\%$ quick$-$

payment discount.

March $19$ Reynold's Management has its employees participate in a one$-$day TEAM adventure. Great Adventures provides

services on account for $$3,100,$ and Reynold's agrees to pay within $30$ days.

March $27$ Great Adventures receives payment from Reynold's for the full amount owed, less the $4\%$ quick$-$payment

discount.

April $7$ Several men from the Elks Lodge decide to participate in a TEAM adventure. Great Adventures receives $$6,600$

immediately and the event is scheduled for the following week.

April $14$ The TEAM adventure is held for members of the Elks Lodge.

April $30$ Myers Manufacturing participates in a TEAM adventure. Great Adventures provides services on account for

$$5,100,$ and Myers agrees to pay within $30$ days.

May $31$ Myers Manufacturing fails to pay the amount owed within the specified period and agrees to sign a three$-$

month, $7\%$ note receivable to replace the existing account receivable.

June $15$ Several MBA groups participate in TEAM adventures. Great Adventures provides services on account for

$$19,500$ to these groups, with payment due in July.

RWP$5-1$ Part $1$ Great Adventures Continuing Problem

Required:

Record TEAM adventure transactions occurring during the first six months of $2025.($If no entry is required for a particular

transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

Journal entry worksheet

Great Adventures receives payment from the Boys and Girls Club for the full

amount owed, less the $4\%$ quick$-$payment discount.

Note: Enter debits before credits.