Question

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 such as ropes, helmets, harnesses, compasses, and other miscellaneous equipment for $4,100 cash.
Feb.		25		Mr. Kendall’s Boy Scout troop participates in a one-day TEAM adventure. Normally, Tony would charge a group of this size $2,600, but he wants to encourage kids to exercise more and enjoy the outdoors so he charges the group only $2,100. Great Adventures provides these services on account.
Feb.		28		The Boy Scout troop pays the full amount owed, less the 4% quick-payment discount.
Mar.		19		Reynold’s Management has its employees participate in a one-day TEAM adventure. Great Adventures provides services on account for $3,100, and Reynold’s agrees to pay within 30 days.
Mar.		27		Reynold’s pays the full amount owed, less the 4% quick-payment discount.
Apr.		7		Several men from the Elks Lodge decide to participate in a TEAM adventure. They pay $6,600, and the event is scheduled for the following week.
Apr.		14		The TEAM adventure is held for members of the Elks Lodge.
Apr.		30		Myers Manufacturing participates in a TEAM adventure. Great Adventures provides services on account for $5,100, and Myers agrees to pay within 30 days.
May		31		Myers Manufacturing fails to pay the amount owed within the specified period and agrees to sign a three-month, 7% note receivable to replace the existing account receivable.
Jun.		15		Several MBA groups participate in TEAM adventures. Great Adventures provides services on account for $19,500 to these groups, with payment due in July.

Required:

1. Record TEAM adventure transactions occurring during the first six months of 2022. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 9 10 > Great Adventures purchases outdoor gear such as ropes, helmets, hamesses, compasses, and other miscellaneous equipment for $4,100 cash. Note: Enter debits before credits General Journal Debit Credit Jan. 24, 2022 Record entry Clear entry View general Journal

Answer 1

during TEAM the adventure transactions occuring first 6 months for 2020. Date Particulars Anot (Dr) Ant Carl Jan ay I yoo 4100 Equipment, ale Dr To cash ale rol (To record the purchase of equipment). feb 25 625 Accounts receivable ar ar 2100 d e To service acc lood3100 (To record the services Provided) cash 2016 sales discount (21oox u%) To accounts receivabh abb koos Fr 2100- ak ( to record the collec- ton) mar 19 Accounts receivable at 3100 To service revenue 3100 C to record the services provided)

mar 27 2976 124 cash sales discount @ (3100x u%) To accounts receivable. (To record the collection) 3100 APO 7 I cash ale 6600 or 6600 unearned service |Со то со 18 цосатое ses API ly nearned service revenue al 6600 6600 To service revenue (to record service devenue) AP130 5700 5100 | Accounts receivable are To service revenue (to record services Provided) notes receivable a/c DV 5100 5100 may 3) I notes I To accounts receivable C to record note reaivables) 119500 Tune 15 I Accounts accounts receivable acc rece To service revenue 1950o (To record services provided)