FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text: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 5% 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
$5,000 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. Great
Adventures provides these services on account.
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 provides services on
account for $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.
Apr. 30 Myers Manufacturing participates in a TEAM adventure. Great Adventures provides services on account for $6,000, 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, 8% note
receivable to replace the existing account receivable.
Jun. 15 Several MBA groups participate in TEAM adventures. Great Adventures provides services on account for $24,000 to these
groups, with payment due in July.
Suzie estimates uncollectible accounts to be 10% of accounts receivable (which does not include the $6,000 note receivable from
Myers Manufacturing). Prepare the adjusting entry for uncollectible accounts.
Transcribed Image Text:Journal entry worksheet
7
8
9
10
11
12
13
14
Record the closure of expense accounts.
Note: Enter debits before credits.
Date
Account Title
Debit
Credit
Jun 30
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