Rocky Guide Service provides guided 1-5 day hiking tours throughout the Rocky Mountains. Wilderness Tours hires…

Rocky Guide Service provides guided 1-5 day hiking tours throughout the Rocky Mountains. Wilderness Tours hires Rocky to lead various tours that Wilderness sells. Rocky receives $1,800 per tour day, and shortly after the end of each month Rocky learns whether it will receive a $180 bonus per tour day it guided during the previous month if its service during that month received an average evaluation of excellent” by Wilderness customers. The $1,800 per day and any bonus due are paid in one lump payment shortly after the end of each month. . On July 1, based on prior experience, Rocky estimated there is a 30% chance it will earn the bonus for July tours. It guided a total of 10 days from July 1-July 15. . 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 80% chance it would eam the bonus for July tours, Rocky also guided customers for 15 days from July 16- 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 expected value it expects to receive. Required: 1. to 3. Prepare the journal entries to record the transactions above. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.) 1. to 3. Prepare the journal entries to record the transactions above. (If no entry is required fo ‘s journal entry required” in the first account field.) View transaction list Journal entry worksheet 1 2 3 Prepare Rocky’s July 15 journal entry to record revenue for tours given from July 1 – July 15. Note: Enter debits before credits. General Journal Debit Credit Date July 15 Record entry Clear entry View general Journal YU .to 3. Prepare the journal entries to record the transactions above. (If no entry is requ No journal entry required in the first account field.) View transaction list Journal entry worksheet Prepare Rocky’s July 31 journal entry to record revenue for tours given from July 16 – July 31 and any adjustment needed for July 1 – July 15. Note: Enter debits before credits. General Journal Debit Credit Date July 31 Record entry Clear entry View general journal < Prev 4 of 8 9 Next > Required: 1. to 3. Prepare the journal entries to record the transactions above. (If no entry is required for a “No journal entry required” in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 Prepare Rocky's August 5 journal entry to record the receipt of payment from Wilderness. Note: Enter debits before credits. General Journal Debit Credit Date August 05 Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 Prepare Rocky's August 5 journal entry to record any necessary adjustments to revenue. Note: Enter debits before credits. General Journal Debit Credit Date August 05 Record entry Clear entry View general Journal