Exercise 6-11 (Static) Variable consideration - expected value; change in estimate [LO6-3, 6-6) 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 golded 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. . On July 1, based on prior experience, Rocky estimated there is a 30% 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 80% 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.) heck my work mode : This shows what is correct or incorrect for the work you have completed so far. It does no 1. to 3. Prepare the journal entries to record the transactions above. (If no entry is required for a transaction/ever ournal entry required" in the first account field.) Answer is not complete. No Date General Joumal Debit Credit 1 July 15 10,000 Accounts receivable Sales revenue 10.000 2 July 31 Accounts receivable Bonus receivable Service revenue 15.000 2,500 17,500 3 August 05 25,000 Cash Accounts receivable 25.000 2,500 4 August 05 Service revenue Bonus receivable 2,500 Saved CYMHCU. 1. to 3. Prepare the journal entries to record the transactions above. ( journal entry required" in the first account field.) View transaction list View journal entry worksheet I. EX BERE Prepare Rocky's July 15 journal entry to record revenue for tours given from July 1 - July 15. 2 Prepare Rocky's July 31 journal entry to record revenue for tours given from July 16 - July 31 and any adjustment needed for July 1 - July 15. 3 Prepare Rocky's August 5 journal entry to record the receipt of payment from Wilderness. Prepare Rocky's August 5 journal entry to record any necessary adjustments to revenue. Note = tournal entry has heen entered Prey 2 of 4