Tony and Suzie are ready to expand 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 4% 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 much as ropea, helmets, harnesses, compasses, and other iscellaneous equipent for $4,400 cash Yeb. 25 . Kondall's Boy Scout troop participates in a one-day TRAM adventure. Hornally, Tony would charge group of this wie 02, 900, but he wants to encourage kids to exercise more and enjoy the outdoor so he charge the group only $2,400. Great Adventures provides these services on account Feb. 20 The Boy Scout troop pays the roll amount owed, less the 41 quick-payment discount Mar. 19 Heynold's Management has its employees participate in a one-day TM adventure. Great Adventures provides services on account for $3,400, and Haynold's to pay within 30 days. Mar. 27 Heynold' payo the full amount owed, less the quick-paynent discount. Apr. several men from the lis Lodge decide to participate in a TM adventure. They pay $6,900, and the event la scheduled for the following week. Apr. 16 The TM adventure is held for members of the elke Lodge Apr. 30 Myers Manufacturing participate in a TEAM adventure. Great Adventures provides services on account for $40,000, and Myers agreed to pay within 30 days. May 31 Myers Manufacturing rails to pay the anount oved within the specified period and agreed to sign a three-onth, note receivable to replace the existing account receivable Jun. 15 several MBA groupe participate in TEAM adventures. Creat Adventures provides services on account for 321,000 to these groups, with payment due in July Consider the following information as of June 30, 2022 Suzie estimates uncollectible accounts to be 8% of accounts receivable (which does not include the $48,000 note receivable from Myers Manufacturing). Prepare the adjusting entry for uncollectible accounts. Accrue one month of interest on the note receivable from Myers Manufacturing
