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Brooks Expeditions provides guided fishing tours. The company charges $190 per person but offers a...

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Accounting

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Brooks Expeditions provides guided fishing tours. The company charges $190 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 Brooks Expeditions for herself and four friends at the group discount price ( $855=$171 5). The tour is scheduled for May 7 . May 7 The fishing tour occurs. Brooks Expeditions asks that payment be made within 30 days of the tour and offers a 4% discount for payment within 15 days. May 9 Charlene is upset that no one caught a single fish and asks management for a discount. Brooks Expeditions has a strict policy of no discounts related to number of fish caught. May 15 Upon deeper investigation, management of Brooks Expeditions 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 40% of the amount due. May 20 Brooks Expeditions receives the amount owed by Charlene. Required: 1. Record the necessary transaction(s) for Brooks Expeditions on each date. 2. Show how Brooks Expeditions would present net revenues in its income statement

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