Write necessary journal entries and make an income statement

Problem 5-2A (Algo) Record transactions related to credit sales and contra revenues (LO5-1, 5-2) Adventure Fishing provides guided fishing tours. The company charges $200 per person but offers a 10% discount to parties of four or more. Consider the following transactions during the month of May. May 2 Charlene books a fishing tour with Adventure Fishing for herself and four friends at the group discount price ( $90= $1805). The tour is scheduled for May 7 . May 7 The fishing tour occurs. Adventure Fishing asks that payment be made within 30 days of the tour and offers a 5% discount for payment within 15 days. May 9 Charlene is upset that no one caught a single fish and asks management for a discount. Adventure Fishing has a strict policy of no discounts related to number of fish caught. May 15 Upon deeper investigation, management of Adventure Fishing discovers that Charlene's tour was led by a new guide who did not take the group to some of the better fishing spots. In concession, management offers a sales allowance of 48% of the amount due. May 2 Adventure Fishing receives the amount owed by Charlene. Required: 1. Record the necessary transaction(s) for Adventure Fishing on each date. 2. Show how Adventure Fishing would present net revenues in its income statement