Tony and Suzie are ready to expand Great Adventures even further in 2025. Tony believes that many groups in the community ffor example. Boys and Girs Clubs, church groups, civic groups, and local businesses) would like to hold ono-day outings for their membeis. 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-doy events would be for each member of the group to learn the importance of TEAM (Jogether Everyone Achieves More). Tony knows that most people are not familiar with these types of activitios, so to encourage business he atlows groups to participate in the event before paying. He offers a 5% quick-payment discount to those that pay within io days after the event. He also guaranfees that at least eight hours of outdoor actovities will be provised or the customer will roceive a 20% discount. For the first six months of the year, the following activitios occur for TEAM operations. Saroary 24 areat Adventures purchoses outdoor gear such as ropes, helnets, harnesses, conpasses, and other miscellaneous equipeent for 35,600 cash. Pebruary 25 kendell's eoys and Girls club participates in a one-day tew adventure. Mormatly, Tony would charge a group of this aize \$4, 100, but he mants to encourage kids. to exercise more and enjoy che cutdeor's so he charges the group ondy 53 , dob. Great Adventures provides these services de account. Narch 19 Meyment discount. services on account for 54,600 , and Reyold's agress to pay within 10 days. Apr-11 14 insediately and the event is schedalind for the following week. Aprzil 24 The TEAM adventure is beld for neabers of the Elks lodpe. 37, B00, and Myeri agrees to pay within 30 days. Nay 31 Myers hanufacturing fails to pay the apount owed within the specified period and agrees to sign a threenonth, ss note receivable to replace the existing account recesvable, Required: to these groups, with payment due in july. Consider the following information as of June 30,2025. - Suzie estimates uncollectble accounts to be for of accounts receivable from the MBA groups on June 15. Record the adjusting entry for uncollectible accouats. - Accrue one month of interest on the note recovoble from Myers Manufacturing - Note payable is due in 4 years. Fach joumal entry is posted ausomatically to the generai ledger. Suzie estimates uncollecuble accounts to be 10% of accounts recelvable from the MBA groups on June 15 . Record the adjusting entry for uncolectible accounts. Accrue one month of interest on the note receivable from Myers Manufacturing - Note payable is due in 4 yoars. Each foumal entry is posted automatically to the general ledger
