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 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. January 24 Great Adventures purchases outdoor gear such as ropes, helmets, harnesses, compasses, and other miscellaneous equipment for $5,300 cash. February 25 Kendall's Boys and Girls Club partioipates in a one-day TEAM adventure. Nornally, Tony would charge a group of this size $3,800, but he wants to encourage kids to exereise more and enjoy the outdoors so he charges the group only $3,300. Great Adventures providen these services on account. February 28 Great Adventures receives paynent frompthe Boyn and Girle club for the full amount owed, less the 5 t quickMareh 19 payment discount. March 19 Reynold's Managerrent han its enployees partieipate in a one-day TEAM adventure. Great Adventures provides March 27 servicen on dccount for $4,300, and Reynold's agrees to pay within 30 days. March 27 Great Adventuren receives payment fros feynold's for the fu11 amount owed, less the 58 quick-payrent Aprii ? Several men from the Elks Lodge decide to partieipate in a TEAM adventure. Great Mdventures receiven s7, 800 April 14 imediately and the ovent is seheduled for the following veek. Apri1 30 The Ttik adventure is held for members of the E1ks Lodge. Apri1 30 Nyere Manufacturing participates in a TtAM adventure. Great Adventures provides services on account for May 3156,900, and Nyern agrees to pay within 30 days. May 31 Myert Manufacturing tails to pay the amount ored within the speeified period and agreen to sign a threeJune 15 month, Bt note recelvable to replace the existing account receivable. Required: Consider the following information as of June 30,2025 - Suzie estimates uncollectible accounts to be 10\% of accounts receivable from the MBA groups on June 15. Record the adjusting entry for uncollectible accounts. - Accrue one month of interest on the note recelvable from Myers Manufacturing. - Note payable is due in 4 years. month, 88 note receivable to replace the existing account receivable. June 15 Several MBA groups participate in TBAM adventures. Great Adventures provides services on account for $25,500 to these groups, with payment due in July. Required: Consider the following information as of June 30,2025. - Suzie estimates uncollectible accounts to be 10% of accounts receivable from the MBA groups on June 15. Record the adjusting entry for uncollectible accounts. - Accrue one month of interest on the note receivable from Myers Manufacturing. - Note payable is due in 4 years. Prepare the journal entries for transactions, (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 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. - Note payable is due in 4 years. 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
