Exercise 18-8
Taylor Marina has 300 available slips that rent for $790 perseason. Payments must be made in full at the start of the boatingseason, April 1, 2015. Slips for the next season may be reserved ifpaid for by December 31, 2014. Under a new policy, if payment ismade by December 31, 2014, a 6% discount is allowed. The boatingseason ends October 31, and the marina has a December 31 year-end.To provide cash flow for major dock repairs, the marina operator isalso offering a 19% discount to slip renters who pay for the 2016season.
For the fiscal year ended December 31, 2014, all 300 slips wererented at full price. 199 slips were reserved and paid for the 2015boating season, and 57 slips for the 2016 boating season werereserved and paid for.
(a)
Prepare the appropriate journal entries for fiscal 2014.(Round answers to 0 decimal places, e.g. 5,275. Creditaccount titles are automatically indented when amount is entered.Do not indent manually.)
Account Titles and Explanation
Debit
Credit
(To record 2014 revenue.)
(To record 2015 revenue.)
“Looking for a Similar Assignment? Get Expert Help at an Amazing Discount!”
What Students Are Saying About Us
.......... Customer ID: 12*** | Rating: ⭐⭐⭐⭐⭐"Honestly, I was afraid to send my paper to you, but splendidwritings.com proved they are a trustworthy service. My essay was done in less than a day, and I received a brilliant piece. I didn’t even believe it was my essay at first 🙂 Great job, thank you!"
.......... Customer ID: 14***| Rating: ⭐⭐⭐⭐⭐
"The company has some nice prices and good content. I ordered a term paper here and got a very good one. I'll keep ordering from this website."
