Answered step by step
Verified Expert Solution
Question
1 Approved Answer
RWP 5 - 1 ( Algo ) Great Adventures Continuing Problemquired: Record TEAM adventure transactions occurring during the first six months of 2 0 2
RWPAlgo Great Adventures Continuing Problemquired:
Record TEAM adventure transactions occurring during the first six months of If no entry is required for a particular
transactionevent select No Journal Entry Required" in the first account field.
Journal entry worksheet
Several men from the Elks Lodge decide to participate in a TEAM adventure.
Great Adventures receives $ immediately and the event is scheduled for
the following week.
Note: Enter debits before credits.
The following information applies to the questions displayed below.
Tony and Suzie are ready to expand Great Adventures even further in 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 oneday 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 quickpayment discount to those that pay within days after the
event. He also guarantees that at least eight hours of outdoor activities will be provided or the customer will receive a
discount. For the first six months of the year, the following activities occur for TEAM operations.
January Great Adventures purchases outdoor gear such as ropes, helmets, harnesses, compasses, and other
miscellaneous equipment for $ cash.
February Kendall's Boys and Girls Club participates in a oneday TEAM adventure. Normally, Tony would charge a group
of this size $ but he wants to encourage kids to exercise more and enjoy the outdoors so he charges
the group only $ Great Adventures provides these services on account.
February Great Adventures receives payment from the Boys and Girls Club for the full amount owed, less the quick
payment discount.
March Reynold's Management has its employees participate in a oneday TEAM adventure. Great Adventures provides
services on account for $ and Reynold's agrees to pay within days.
March Great Adventures receives payment from Reynold's for the full amount owed, less the quickpayment
discount.
April Several men from the Elks Lodge decide to participate in a TEAM adventure. Great Adventures receives $
immediately and the event is scheduled for the following week.
April
April
The TEAM adventure is held for members of the Elks Lodge.
Myers Manufacturing participates in a TEAM adventure. Great Adventures provides services on account for
$ and Myers agrees to pay within days.
May
Myers Manufacturing fails to pay the amount owed within the specified period and agrees to sign a three
month, note receivable to replace the existing account receivable.
June Several MBA groups participate in TEAM adventures. Great Adventures provides services on account for
$ to these groups, with payment due in July.
RWP Part Great Adventures Continuing Problem
Required:
Record TEAM adventure transactions occurring during the first six months of If no entry is required for a particular
transactionevent select No Journal Entry Required" in the first account field.
Journal entry worksheet
Note: Enter debits before credits.RWP Part Great Adventures Continuing Problem
Required:
Record TEAM adventure transactions occurring during the first six months of If no entry is required for a particular
transactionevent select No Journal Entry Required" in the first account field.
Journal entry worksheet
Great Adventures receives payment from Reynold's for the full amount owed,
less the quickpayment discount.
Note: Enter debits before credits.quired:
Record TEAM adventure transactions occurring during the first six months of If no entry is required for a particular
transactionevent select No Journal Entry Required" in the first account field.
Journal entry worksheet
Several men from the Elks Lodge decide to participate in a TEAM adventure.
Great Adventures receives $ immediately and the event is scheduled for
the following week.
Note: Enter debits before credits.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started