Required:1. to 3. Prepare the journal entries to record the transactions above. (If no entry is required for a transaction/event, select "Nojournal entry required" in the first account field.)Answer is not complete.NoDateGeneral JournalDebitCredit1July 15Accounts receivable10,000Service revenue10,000July 31Accounts receivable15,000Bonus receivable2,500 XService revenue17,500 O3August 05Cash25,000Accounts receivable25,0004August 05Service revenue2,500Bonus receivable2,5002. Rocky Guide Service provides guided 1-5 day hiking tours throughout the Rocky Mountains. Wilderness Tours hires Rocky to leadvarious tours that Wilderness sells. Rocky receives $1,000 per tour day, and shortly after the end of each month Rocky learns whetherit will receive a $100 bonus per tour day it guided during the previous month if its service during that month received an averageevaluation of "excellent" by Wilderness customers. The $1,000 per day and any bonus due are paid in one lump payment shortly afterthe end of each month.• On July 1, based on prior experience, Rocky estimated there is a 30% chance it will earn the bonus for July tours. It guided a total of10 days from July 1-July 15.• On July 16, based on Rocky's view that it had provided excellent service during the first part of the month, Rocky revised its estimateto an 80% chance it would earn the bonus for July tours. Rocky also guided customers for 15 days from July 16-July 31.• On August 5 Rocky learned it did not receive an average evaluation of “excellent" for its July tours, so it would not receive anybonus for July, and received all payment due for the July tours.Rocky bases estimates of variable consideration on the expected value it expects to receive.Required:1. to 3. Prepare the journal entries to record the transactions above. (If no entry is required for a transaction/event, select "Nojournal entry required" in the first account field.)

Required 1 to 3) No. Date General Journal Debit Credit 1 July 15 Accounts receivable…

1. to 3. Prepare the journal entries to record the transactions above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete. No Date General Journal Debit Credit Accounts receivable Service revenue 1 July 15 10,000 10,000 Accounts receivable Bonus receivable July 31 15,000 2,500 8 Service revenue 17,500 O Cash Accounts receivable August 05 25,000 25,000 4 August 05 Service revenue 2,500 O Bonus receivable 2,500 2.

1. to 3. Prepare the journal entries to record the transactions above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete. No Date General Journal Debit Credit Accounts receivable Service revenue 1 July 15 10,000 10,000 Accounts receivable Bonus receivable July 31 15,000 2,500 8 Service revenue 17,500 O Cash Accounts receivable August 05 25,000 25,000 4 August 05 Service revenue 2,500 O Bonus receivable 2,500 2.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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