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Tony and Suzie are ready to expand Great Adventures even further in 2 0 2 5 . Tony believes that many groups in the community
Tony and Suzie are ready to expand Great Adventures even further in 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 oneday 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 faimiliar with these types of activities, so to encourage business he allows groups to participate in the event before paying. He offers a quickpayment discount to those that pay within days after the event. He also guarantees that at least eight hours of outdoor activities will be provided or the customer will receive a discount. For the first six months of the year, the following activities occur for TEAM operations. January Great Adventures purchases outdoor gear such as ropes, helmets, harnesses, conpasses, and other miscellaneous equipment for $cash. February Kendall's Boys and Girls club participates in a oneday TEAM adventure. Normally, Tony would charge a group of this size $ but he wants to encourage kids to exercise more and enjoy the outdoors so he charges the group only $ Great Adventures provides these services on account. February Great Adventures receives payment from the Boys and Girls club for the full amount owed, less the quickpayment discount. March Reynold's Management has its employees participate in a oneday TEAM adventure. Great Adventures provides services on account for $ and Reynold's agrees to pay within days. March Great Adventures receives payment from Reynold's for the full amount owed, less the quickpayment discount. immediately and the event is scheduled for the following week. April The TEAM adventure is held for members of the Elks Lodge. April Myers Manufacturing participates in a TEM adventure. Great Adventures provides services on account for $ and Myers agrees to pay within days. May Myers Manufacturing fails to pay the amount owed within the specified period and agrees to sign a threeJune Required: month, note receivable to replace the existing account receivable. Several MBA groups participate in TEAM adventures. Great Adventures provides services on account for $ to these groups, with payment due in July. Consider the following information as of June Suzie estimates uncollectible accounts to be of accounts receivable from the MBA groups on June Record the adjusting entries for uncollectable accounts
Tony and Suzie are ready to expand Great Adventures even further in 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 oneday 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 faimiliar with these types of activities, so to encourage business he allows groups to participate in the event before paying. He offers a quickpayment discount to those that pay within days after the event. He also guarantees that at least eight hours of outdoor activities will be provided or the customer will receive a discount. For the first six months of the year, the following activities occur for TEAM operations.
January Great Adventures purchases outdoor gear such as ropes, helmets, harnesses, conpasses, and other miscellaneous equipment for $cash.
February Kendall's Boys and Girls club participates in a oneday TEAM adventure. Normally, Tony would charge a group of this size $ but he wants to encourage kids to exercise more and enjoy the outdoors so he charges the group only $ Great Adventures provides these services on account.
February Great Adventures receives payment from the Boys and Girls club for the full amount owed, less the quickpayment discount.
March Reynold's Management has its employees participate in a oneday TEAM adventure. Great Adventures provides services on account for $ and Reynold's agrees to pay within days.
March Great Adventures receives payment from Reynold's for the full amount owed, less the quickpayment discount. immediately and the event is scheduled for the following week.
April The TEAM adventure is held for members of the Elks Lodge.
April Myers Manufacturing participates in a TEM adventure. Great Adventures provides services on account for $ and Myers agrees to pay within days.
May Myers Manufacturing fails to pay the amount owed within the specified period and agrees to sign a threeJune
Required: month, note receivable to replace the existing account receivable. Several MBA groups participate in TEAM adventures. Great Adventures provides services on account for $ to these groups, with payment due in July.
Consider the following information as of June
Suzie estimates uncollectible accounts to be of accounts receivable from the MBA groups on June Record the adjusting entries for uncollectable accounts
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