Peaky Tours Service provides guided multi-day hiking tours throughout the Rocky Mountains. Conglo Tours hires Peaky...
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Peaky Tours Service provides guided multi-day hiking tours throughout the Rocky Mountains. Conglo Tours hires Peaky to lead various tours that Conglo sells. Peaky receives $1,000 per tour day, and shortly after the end of each month Peaky 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 Conglo customers. The S1,000 per day and any bonus due are paid in one lump payment shortly after the end of each month. Peaky estimates variable consideration on the most likely amount it expects to receive and records it on the 16th of each month. Record Peaky's entries for the following situations: a. Peaky guided a total of 25 tour days for Conglo from July 1-July 31. They have not recorded journal entries for these yet. Debit Account Credit Account Debit Amount Credit Amount Peaky Tours Service provides guided multi-day hiking tours throughout the Rocky Mountains. Conglo Tours hires Peaky to lead various tours that Conglo sells. Peaky receives $1,000 per tour day, and shortly after the end of each month Peaky 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 Conglo customers. The S1,000 per day and any bonus due are paid in one lump payment shortly after the end of each month. Peaky estimates variable consideration on the most likely amount it expects to receive and records it on the 16th of each month. Record Peaky's entries for the following situations: a. Peaky guided a total of 25 tour days for Conglo from July 1-July 31. They have not recorded journal entries for these yet. Debit Account Credit Account Debit Amount Credit Amount
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Particulars Calculations Amount Pay per tour day 1000 Bonus ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-1259548185
8th edition
Authors: David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date:
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