Struggling with coming up with the correct solution for these and the teacher is super strict. Any help is welcomed.
Great Adventures Problem AP5-1 (GL) Tony and Suzie are ready to expanci Great Adventures even further in 2022. Tony believes that many groups in the community (for example, Boy Scouts, 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 5% 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. Jan. 24 Great Adventures purchases outdoor gear such as ropes, helmets, harnesses, compasses, and other miscellaneous equipment for $5,000 cash. Feb. 25 Mr. Kendall's Boy Scout troop participates in a one-day TEAM adventure. Normally, Tony would charge a group of this size $3,500, but he wants to encourage kids to exercise more and enjoy the outdoors so he charges the group only $3,000. Great Adventures provides these services on account. Feb. 28 The Boy Scout troop pays the full amount owed, less the 5% quick-payment discount. Mar. 19 Reynold's Management has its employees participate in a one-day TEAM adventure. Great Adventures provides services on account for $4,000, and Reynold's agrees to pay within 30 days. Mar. 27 Reynold's pays the full amount owed, less the 5% quick-payment discount. Apr. 7 Several men from the Elks Lodge decide to participate in a TEAM adventure. They pay $7,500, and the event is scheduled for the following week. Apr. 14 The TEAM adventure is held for members of the Apr. 30 Myers Manufacturing participates in a TEAM adventure. Great Adventures provides services on account for $6,000, 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, 8% note receivable to replace the existing account receivable. Jun. 15 Several MBA groups participate in TEAM adventures. Great Adventures provides services on account for $24,000 to these groups, with payment due in July. Suzie estimates uncollectible accounts to be 10% of accounts receivable (which does not include the $6,000 note receivable from Myers Manufacturing). Prepare the adjusting entry for uncollectible accounts. Choose the appropriate accounts to complete the company's income statement. Select 'adjusted' from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance. Adjusted Dates: Jan 24 to: Jun 30 GREAT ADVENTURES, INC. Income Statement For the Period Ended June 30, 2022 Revenue: Total Revenue Expense: Total Expense Trial Balance Balance Sheet > Choose the appropriate accounts to complete the company's balance sheet. Make sure to select 'adjusted' from the dropdown, which will then populate the balances in those accounts from the adjusted trial balance. Adjusted to: Jun 30 - Dates: Jan 24 GREAT ADVENTURES, INC. Balance Sheet June 30, 2022 Liabilities Current Liabilities: Assets Current Assets: 0 Total Current Liabilities 0 Total Current Assets Long-term Assets: Total Liabilities Stockholders' Equity 0 Total Stockholders' Equity 0 Total Liabilities and Stockholders' Equity Total Assets
