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Extracted text: Rocky Guide Service provides guided 1–5 day hiking tours throughout the Rocky Mountains. Wilderness Tours hires Rocky to lead various tours that Wilderness sells. Rock it will receive a $190 bonus per tour day it guided during the previous month if its service during that month received an average evaluation of "excellent" by Wilderness customers. The $1,900 per day and any bonus due are paid in one lump payment shortly after eceives $1,900 per tour day, and shortly after the end of each month Rocky learns whether the end of each month. • On July 1, based on prior experience, Rocky estimated there is a 40% chance it will earn the bonus for July tours. It guided a total of 10 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 estimate to an 90% 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 any bonus 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 "No journal entry required" in the first account field.) Answer is not complete. No Date General Journal Debit Credit July 15 Accounts receivable 19,000 1 Sales revenue 28,500 July 31 Accounts receivable 4,750 X Bonus receivable 33,250 X Service revenue August 05 Cash 47,500 3 47,500 Accounts receivable 4,750 X 4 August 05 Service revenue 4,750 X Bonus receivable < prev="" 8="" of="" 9="" next="">
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Extracted text: ky Guide Service provides guided 1–5 day hiking tours throughout the Rocky Mountains. Wilderness Tours hires Rocky to lead ous tours that Wilderness sells. Rocky receives $1,900 per tour day, and shortly after the end of each month Rocky learns whether ill receive a $190 bonus per tour day it guided during the previous month if its service during that month received an average aluation of "excellent" by Wilderness customers. The $1,900 per day and any bonus due are paid in one lump payment shortly after e end of each month. On July 1, based on prior experience, Rocky estimated there is a 40% chance it will earn the bonus for July tours. It guided a total of 10 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 estimate to an 90% 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 any bonus 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 "No journal entry required" in the first account field.) Answer is not complete. Debit Credit General Journal No Date 19,000 July 15 Accounts receivable Sales revenue 28,500 2 July 31 Accounts receivable 4,750 X Bonus receivable 33,250 x Service revenue 47,500 3 August 05 Cash 47,500 Accounts receivable < prev="" 8="" of="" 9="" next=""> 出