Requlred Information [The following information applies to the questions displayed below.] Outdoor Expo provides guided fishing tours. The company charges $280 per person but offers a 15% discount to parties of four or more. Consider the following transactions during the month of May. May 2 Charlene books a fishing tour with Outdoor Expo for herself and four friends at the group discount price ($1,198 = $238 x 5). The tour is scheduled for May 7. May 7 The fishing tour occurs. Outdoor Expo asks that payment be made within 30 days of the tour and offers a 4x discount for payment within 15 days. May 9 Charlene is upset that no one caught a single fish and asks management for a discount. Outdoor Expo has a strict policy of no discounts related to number of fish caught. May 15 Upon deeper investigation, management of Outdoor Expo discovers that Charlene's tour was led by a new guide who did not take the group to sone of the better fishing spots. In concession, managenent offers a sales allowance of 30% of the amount due. May 20 Charlene pays for the tour after deducting the sales allowance.
Requlred Information [The following information applies to the questions displayed below.] Outdoor Expo provides guided fishing tours. The company charges $280 per person but offers a 15% discount to parties of four or more. Consider the following transactions during the month of May. May 2 Charlene books a fishing tour with Outdoor Expo for herself and four friends at the group discount price ($1,198 = $238 x 5). The tour is scheduled for May 7. May 7 The fishing tour occurs. Outdoor Expo asks that payment be made within 30 days of the tour and offers a 4x discount for payment within 15 days. May 9 Charlene is upset that no one caught a single fish and asks management for a discount. Outdoor Expo has a strict policy of no discounts related to number of fish caught. May 15 Upon deeper investigation, management of Outdoor Expo discovers that Charlene's tour was led by a new guide who did not take the group to sone of the better fishing spots. In concession, managenent offers a sales allowance of 30% of the amount due. May 20 Charlene pays for the tour after deducting the sales allowance.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Transcribed Image Text:Requlred Informatlon
[The following information applies
o the questions displayed below.j
Outdoor Expo provides guided fishing tours. The company charges $280 per person but offers a 15% discount to parties of four or more. Consider the following
transactions during the month of May.
May 2 Charlene books a fishing tour with Outdoor Expo for herself and four friends at the group discount price ($1,198 = $238 x 5). The tour is scheduled for May 7.
May 7 The fishing tour occurs. Outdoor Expo asks that paynent be made within 30 days of the tour and offers a 4% discount for payment within 15 days.
May 9 Charlene is upset that no one caught a single fish and asks nanagement for a discount. Outdoor Expo has a strict policy of no discounts related to number of fish
caught.
May 15 Upon deeper investigation, nanagement of Outdoor Expo discovers that Charlene's tour was led by a new guide who did not take the group to sone of the better fishing
spots. In concession, managenent offers a sales allowance of 30% of the anount due.
May 20 Charlene pays for the tour after deducting the sales allowance.
Requlred:
1. Record the necessary transaction(s) for Outdoor Expo on each date. (If no entry Is requlred for a particular transaction/event, select "No Journal Entry Requlred" In the first
account fleld. Round your answers to 2 declmel places.)
View transaction list
Journal entry worksheet
く
1
2
3
4
5
>
Charlene books a fishing tour with Outdoor Expo for herself and four friends at
the group discount price ($1,190 = $238 x 5). The tour is scheduled for May
7.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
May 02
Record entry
Clear entry
View general journal
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