Heip Save & Exit submit Exercise 5-11 Variable consideration- expected value; change in estimate [LO5-3, 5-6] 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 $2,900 per tour day, and shortly after the end of each month Rocky learns whether it will receive a $290 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 $2,900 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 that there is a 20% chance it will earn the bonus for July tours. It guided a total of 10 days from July 1-July 15. estimate to an 70% chance it would earn the bonus for July tours. Rocky also guided customers for 15 days from July 16-July 31. bonus for July, and received all payment due for the July tours. On July 16, based on Rocky's view that it had provided excellent service during the first part of the month, Rocky revised its On August 5 Rocky learned that it did not receive an average evaluation of "excellent for its July tours, so it would not receive any 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.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 July 15 Accounts receivable 29,000