Question

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 owed, less the 6% 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 $3,600, and Reynold's agrees to pay within 30 days. Mar. 27 Reynold's pays the full amount owed, less the 6% quick-payment discount. Apr. 7 Several men from the Elks Lodge decide to participate in a TEAM adventure. They pay $7,100, 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 $5,600, 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, 9% note receivable to replace the existing account receivable. Jun. 15 Several MBA groups participate in TEAM adventures. Great Adventures provides services on account for $22,000 to these groups, with payment due in July.

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There is no entry for rencollectible acounts as no a due camount is unpaid by poorlicipators The amount from MBA groups is due in July. Hence this amocent is not bad debt as on June end nod nyers converted ano payable balance to 3 monthe Note in May 31 which is due in Aug 31. Hence it is also not a bad debt. The adjusting entry for bad debt If you assieme to be created) Xxx Date Bad no debt expenses to allowance for doubtful aic any XXV

Accouled interest revenue pale General Journal Debit credit 48 142 Jun 30 Interest receivable 2022 To interest revenue (5600x97x months I(To record acirled Interest revenue) Great Adventures Inc Partial balance sheet June 30, 2002 Assets Current Assets Accounts Receivable Notes Receivable Interest Receivable 22000 5600 Net account roleivable 27642