Question
[The following information applies to the questions displayed below.] Outdoor Expo provides guided fishing tours. The company charges $170 per person but offers a 20%
[The following information applies to the questions displayed below.]
Outdoor Expo provides guided fishing tours. The company charges $170 per person but offers a 20% discount to parties of four or more. Consider the following transactions during the month of May.
May | 2 | Charlene books a fishing tour with Outdoor Expo for herself and four friends at the group discount price ($680 = $136 5). The tour is scheduled for May 7. | ||
May | 7 | The fishing tour occurs. Outdoor Expo asks that payment be made within 30 days of the tour and offers a 6% discount for payment within 15 days. | ||
May | 9 | Charlene is upset that no one caught a single fish and asks management for a discount. Outdoor Expo has a strict policy of no discounts related to number of fish caught. | ||
May | 15 | Upon deeper investigation, management of Outdoor Expo discovers that Charlenes tour was led by a new guide who did not take the group to some of the better fishing spots. In concession, management offers a sales allowance of 40% of the amount due. | ||
May | 20 | Charlene pays for the tour after deducting the sales allowance. |
Required:
Record the necessary transaction(s) for Outdoor Expo on each date. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to 2 decimal places.)
Journal entry worksheet
1.) Charlene books a fishing tour with Outdoor Expo for herself and four friends at the group discount price ($680 = $136 5). The tour is scheduled for May 7.
- Journal entry for May 02
2.) The fishing tour occurs. Outdoor Expo asks that payment be made within 30 days of the tour and offers a 6% discount for payment within 15 days.
- journal entry for may 07
3.) Charlene is upset that no one caught a single fish and asks management for a discount. Outdoor Expo has a strict policy of no discounts related to number of fish caught.
- journal entry for May 09
4.) Upon deeper investigation, management of Outdoor Expo discovers that Charlenes tour was led by a new guide who did not take the group to some of the better fishing spots. In concession, management offers a sales allowance of 40% of the amount due.
- journal entry for May 15
5.) Charlene pays for the tour after deducting the sales allowance.
- journal entry for May 20
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