Business, 06.03.2020 23:45 kevonmajor

On July 1, based on prior experience, Rocky estimated there is a 20% 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 70% chance it would earn the bonus for all 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.

Prepare the journal entries to record the transactions above.

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On July 1, based on prior experience, Rocky estimated there is a 20% chance it will earn the bonus f...

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