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 $70\%$ chance it would earn the bonus for all July tours. Rocky also guided customers for $15$ days from July $16$ to 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 most likely amount it expects to receive.

Required:

Prepare Rocky's July $15$ journal entry to record revenue for tours given from July $1-$July $15.$

Prepare Rocky's July $31$ journal entry to record revenue for tours given from July $16-$July $31.$

Prepare Rocky's August $5$ journal entry to record any necessary adjustments to revenue and receipt of payment from Wilderness.