Requirement 1
Jan. 24, 2013 | Debit | Credit |
Equipment | 5,000 |
|
Cash |
| 5,000 |
(Pay cash for outdoor equipment) |
|
|
Feb. 25, 2013 |
|
|
Accounts Receivable | 3,000 |
|
Service Revenue |
| 3,000 |
(Provide TEAM event) |
|
|
Feb. 28, 2013 |
|
|
Cash | 2,850 |
|
Sales Discounts | 150 |
|
Accounts Receivable |
| 3,000 |
(Receive cash on account less 5% discount) |
| |
Mar. 19, 2013 |
|
|
Accounts Receivable | 4,000 |
|
Service Revenue |
| 4,000 |
(Provide TEAM event) |
|
|
Mar. 27, 2013 |
|
|
Cash | 3,800 |
|
Sales Discounts | 200 |
|
Accounts Receivable |
| 4,000 |
(Receive cash on account less 5% discount) |
| |
Apr. 7, 2013 |
|
|
Cash | 7,500 |
|
Unearned Revenue |
| 7,500 |
(Received cash in advance for TEAM event) |
| |
Apr. 14, 2013 |
|
|
Unearned Revenue | 7,500 |
|
Service Revenue |
| 7,500 |
(Provide TEAM event) |
|
|
May 9, 2013 |
|
|
Accounts Receivable | 6,000 |
|
Service Revenue |
| 6,000 |
(Provide TEAM event) |
|
|
Jun. 1-30, 2013 |
|
|
Accounts Receivable | 24,000 |
|
Service Revenue |
| 24,000 |
(Provide TEAM event) |
|
|
Jun. 30, 2013 |
|
|
Notes Receivable | 6,000 |
|
Accounts Receivable |
| 6,000 |
(Accept note receivable) |
|
|
Requirement 2 (a)
June 30, 2013 | Debit | Credit |
Bad Debt Expense | 2,400 |
|
Allowance for Uncollectible Accounts |
| 2,400* |
(Estimate future bad debts) |
|
|
* Accounts Receivable x 10% = $24,000 x 10% = $2,400
Requirement 2 (b)
Great Adventures, Inc. Partial Balance Sheet June 30, 2013 | ||
Assets |
|
|
Current assets: |
|
|
Accounts receivable | $24,000 |
|
Less: Allowance for Uncollectible Accounts | (2,400) |
|
Net accounts receivable |
| $21,600 |
Jan. 24 Great Adventures purchases outdoor gear such as ropes, helmets, harnesses, compasses, and other miscellaneous equipment for $4,600 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 $3,100, but he wants to encourage kids to exercise more and enjoy the outdoors so he charges the group only $2,600. Great Adventures provides these services on account. Feb. 28 The Boy Scout troop pays the full amount...
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...
please correct whichever is wrong. Jan. 24 Great Adventures purchases outdoor gear such as ropes, helmets, harnesses, compasses, and other miscellaneous equipment for $4,600 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 $3,100, but he wants to encourage kids to exercise more and enjoy the outdoors so he charges the group only $2,600. Great Adventures provides these services on account. Feb. 28 The Boy Scout...
Tony and Suzie are ready to expand Great Adventures even further in 2019. 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...
b. Accrue one month of interest on the note receivable from Myers Manufacturing. Required information Great Adventures Problem AP5-1 The following information applies to the questions displayed below.] 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,...
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...
Required information Great Adventures Problem AP5-1 The following information applies to the questions displayed below. 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....
14 The following information applies to the questions displayed below.] 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...
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...
[The following information applies to the questions displayed below.] 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...