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 oneday 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 $5,000 cash. February 25 Kendal1's Boys and Girls Club participates in a one-day TEAM adventure. Normally, Tony would fcharge a group of this size $3,500, but he wants to encourage kids to exercise more and onjoy the account. February 28 Great Adventures receives payment fron the Boys and Girls club for the full amount owed, less the March 19 Reynold's Management has its employees participate in a one-day TEAM adventure. Great Adventures March 27 Grovides services on account for \$4,000, and Reynold's agrees to pay within 30 days. 58 quick- Apri1 7 Several mon from the Elks Lodge decide to participate in a TenM adventure. Great Adventures April 14 Theceives $7,500 immediately and the event is ncheduled for April 30 Myers Manufacturing participates in a TEMM adventure. Great Adventures provides services on. May 31 account for $6,000, and Kyers agrees to pay within 30 days. three-month, 88 note receivable to replace the oxisting account receifable. June 15 Several Man groups participate in TEAM adventures. Great Adventures provides services on account Suzie estimates uncollectible accounts to be 10% of accounts recelvable from the MBA groups on June 15 . Record the adjusting entry for uncollectible accounts. (If no entry is required for a particular transaction/event, select "No Joumal Entry Required" in the first account field.) Journal entry worksheet -crue one month of interest on the note receivable from Myers Manufacturing. (If no entry is required for a particular transaction/event, dect "No Journal Entry Required" in the first account field.) Journal entry worksheet Prepare a partial balance sheet showing the net accounts receivable section. (Amounts to be deducted should be indicated by a minus sign.) 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 oneday 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 $5,000 cash. February 25 Kendal1's Boys and Girls Club participates in a one-day TEAM adventure. Normally, Tony would fcharge a group of this size $3,500, but he wants to encourage kids to exercise more and onjoy the account. February 28 Great Adventures receives payment fron the Boys and Girls club for the full amount owed, less the March 19 Reynold's Management has its employees participate in a one-day TEAM adventure. Great Adventures March 27 Grovides services on account for \$4,000, and Reynold's agrees to pay within 30 days. 58 quick- Apri1 7 Several mon from the Elks Lodge decide to participate in a TenM adventure. Great Adventures April 14 Theceives $7,500 immediately and the event is ncheduled for April 30 Myers Manufacturing participates in a TEMM adventure. Great Adventures provides services on. May 31 account for $6,000, and Kyers agrees to pay within 30 days. three-month, 88 note receivable to replace the oxisting account receifable. June 15 Several Man groups participate in TEAM adventures. Great Adventures provides services on account Suzie estimates uncollectible accounts to be 10% of accounts recelvable from the MBA groups on June 15 . Record the adjusting entry for uncollectible accounts. (If no entry is required for a particular transaction/event, select "No Joumal Entry Required" in the first account field.) Journal entry worksheet -crue one month of interest on the note receivable from Myers Manufacturing. (If no entry is required for a particular transaction/event, dect "No Journal Entry Required" in the first account field.) Journal entry worksheet Prepare a partial balance sheet showing the net accounts receivable section. (Amounts to be deducted should be indicated by a minus sign.)
