There is a 5% quick-payment discount to those that pay within 10 days after the event. 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. What are the journal entries?
Jan. 24 Great Adventures purchases outdoor gear such as ropes, helmets, harnesses, compasses, and other miscellaneous equipment for $5000 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 $3,500, but he wants to encourage kids to exercise more and enjoy the outdoors so he charges the group only $3,000.
Feb. 28 The Boy Scout troop pays the full amount owed, less the 5% quick-payment discount.
Mar. 19 Reynold's Management has its employees participate in a one-day TEAM adventure. Great Adventures charges $4,000, and Reynold's agrees to pay within 30 days.
Mar. 27 Reynold's pays the full amount owed, less the 5% quick-payment discount.
Apr. 7 several men from the Elks Lodge decide to participate in a TEAM adventure. They pay $7,500, and the event is scheduled for the following week.
Apr. 14 The TEAM adventure is held for members of the Elks Lodge.
May 9 Myers Manufacturing participates in a TEAM adventure. Great Adventures charges $6,000, and Myers agrees to pay within 30 days.
Jun. 1-30 Several MBA groups participate in TEAM adventures during June. Great Adventures charges $24,000 to these groups, with payment due in July.
Jun. 30 Myers Manufacturing fails to pay the amount owed within the specified period and agrees to sign a three-month, 8% note receivable to replace the existing account receivable.