Outdoor Expo provides guided fishing tours. The company charges$290 per person but offers a...

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Accounting

Outdoor Expo provides guided fishing tours. The company charges$290 per person but offers a 10% discount to parties of four ormore. Consider the following transactions during the month ofMay.
May   2   Charlene books a fishing tour withOutdoor Expo for herself and four friends at the group discountprice ($1,305 = $261 × 5). The tour is scheduled for May 7.
May   7   The fishing tour occurs. Outdoor Expoasks that payment be made within 30 days of the tour and offers a5% discount for payment within 15 days.
May   9   Charlene is upset that no one caughta single fish and asks management for a discount. Outdoor Expo hasa strict policy of no discounts related to number of fishcaught.
May 15   Upon deeper investigation, management of OutdoorExpo discovers that Charlene’s tour was led by a new guide who didnot take the group to some of the better fishing spots. Inconcession, management offers a sales allowance of 40% of theamount due.
May 20   Charlene pays for the tour after deducting thesales allowance.
Required:
Q.1. Record the necessary transaction(s) for OutdoorExpo on each date. (If no entry is required for atransaction/event, select "No journal entry required" in the firstaccount field. Round your answers to 2 decimal places.)
Q.2. Show how Outdoor Expo would present net revenues inits income statement. (Round your answers to 2 decimalplaces.)
(PLEASE HELP I REALLY DONT UNDERSTANDTHIS!)

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Question 1

Date	Accounts title	Debit	Credit
02-May	[No entry required to record 'booking of tour']



07-May	Accounts receivables	$ 1,305.00
	Sales Revenue		$ 1,305.00
	(Tour occurred and revenue recorded)

09-May	[No entry required]

15-May	Sales Allowance [1305 x 40%]	$ 522.00
	Accounts receivables		$ 522.00
	(Allowance recorded)

20-May	Cash	$ 743.85
	Sales Discount [ 783 x 5%]	$ 39.15
	Accounts receivables [ 1305 - 522]		$ 783.00
	(Cash amount due now received within discount period)

Question 2

Sales Revenue		$ 1,305.00
Less: Sales Return & Allowances	$ 522.00
Less: Sales Discount	$ 39.15	$ 561.15
Net Revenue		$ 743.85

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In: AccountingOutdoor Expo provides guided fishing tours. The company charges$290 per person but offers a 10%...Outdoor Expo provides guided fishing tours. The company charges$290 per person but offers a 10% discount to parties of four ormore. Consider the following transactions during the month ofMay.May 2 Charlene books a fishing tour withOutdoor Expo for herself and four friends at the group discountprice ($1,305 = $261 × 5). The tour is scheduled for May 7.May 7 The fishing tour occurs. Outdoor Expoasks that payment be made within 30 days of the tour and offers a5% discount for payment within 15 days.May 9 Charlene is upset that no one caughta single fish and asks management for a discount. Outdoor Expo hasa strict policy of no discounts related to number of fishcaught.May 15 Upon deeper investigation, management of OutdoorExpo discovers that Charlene’s tour was led by a new guide who didnot take the group to some of the better fishing spots. Inconcession, management offers a sales allowance of 40% of theamount due.May 20 Charlene pays for the tour after deducting thesales allowance.Required:Q.1. Record the necessary transaction(s) for OutdoorExpo on each date. (If no entry is required for atransaction/event, select "No journal entry required" in the firstaccount field. Round your answers to 2 decimal places.)Q.2. Show how Outdoor Expo would present net revenues inits income statement. (Round your answers to 2 decimalplaces.)(PLEASE HELP I REALLY DONT UNDERSTANDTHIS!)