Jan. 24 Great Adventures purchases outdoor gear such as ropes, helmets, harnesses, compasses, and other miscellaneous equipment for $5,100 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 $3,600, but he wants to encourage kids to exercise more and enjoy the outdoors, so he charges the group only $3,100. Great Adventures provides these services on account.
Feb. 28 The Boy Scout troop pays the full amount owed, less the 4% quick-payment discount.
Mar. 19 Reynolds Management has its employees participate in a one-day TEAM adventure. Great Adventures provides services on account for $4,100, and Reynolds agrees to pay within 30 days.
Mar. 27 Reynolds pays the full amount owed, less the 4% quick-payment discount.
Apr. 7 Several men from the Elks Lodge decide to participate in a TEAM adventure. They pay $7,600, 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 $6,100, 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, 7% note receivable to replace the existing accounts receivable.
Jun. 15 Several MBA groups participate in TEAM adventures. Great Adventures provides services on account for $24,500 to these groups, with payment due in July.
Accrue one month of interest on the note receivable from Myers Manufacturing. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Accrue one month of interest on the note receivable from Myers Manufacturing. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Accrue one month of interest on the note receivable from Myers Manufacturing.