Maurice Tutor

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Teaching Since: May 2017
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 18 Aug 2017 My Price 6.00

Rocky Guide Service

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. Rocky receives $1,000 per tour day, and shortly after the end of each month Rocky learns whether it will receive a $100 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 $1,000 per day and any bonus due are paid in one lump payment shortly after the end of each month.

 

Ac€?c  

 

On July 1, based on prior experience, Rocky estimated that there is a 30% chance that it will earn the bonus for July tours. It guided a total of 10 days from July 1-July 15.

 

Ac€?c  

 

On July 16, based on RockyAc€?cs view that it had provided excellent service during the first part of the month, Rocky revised its estimate to an 80% chance it would earn the bonus for July tours. Rocky also guided customers for 15 days from July 16-July 31.

 

Ac€?c  

 

On August 5 Rocky learned that it did not receive an average evaluation of Ac€A?excellentAc€?? 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 most likely amount 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 fi

Answers

Maurice Tutor
(5)
Status NEW Posted 18 Aug 2017 05:08 PM My Price 6.00

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