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RWP 5 - 1 ( Algo ) Great Adventures Continuing Problemquired: Record TEAM adventure transactions occurring during the first six months of 2 0 2

RWP5-1(Algo) Great Adventures Continuing Problemquired:
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
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.
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 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
April 30
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
$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.
RWP5-1 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
Note: Enter debits before credits.RWP5-1 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 Reynold's for the full amount owed,
less the 4% quick-payment discount.
Note: Enter debits before credits.quired:
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
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.
Note: Enter debits before credits.
image text in transcribed

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