Culver Marina has 300 available slips that rent for $700 per season. Payments must be made in full by the start of the boating season, April 1, 2018. The boating season ends October 31, and the marina has a December 31 year-end. Slips for future seasons may be reserved if paid for by December 31, 2018. Under a new policy, if payment for 2019 season slips is made by December 31, 2018, a 4% discount is allowed. If payment for 2020 season slips is made by December 31, 2018, renters get a 17% discount (this promotion hopefully will provide cash flow for major dock repairs). On December 31, 2017, all 300 slips for the 2018 season were rented at full price. On December 31, 2018, 166 slips were reserved and paid for the 2019 boating season, and 50 slips were reserved and paid for the 2020 boating season.
(a) Prepare the appropriate journal entries for December 31, 2017, and December 31, 2018.
Culver Marina has 300 available slips that rent for $700 per season. Payments must be made...
Sarasota Marina has 300 available slips that rent for $900 per season. Payments must be made in full by the start of the boating season, April 1, 2018. The boating season ends October 31, and the marina has a December 31 year-end. Slips for future seasons may be reserved if paid for by December 31, 2018. Under a new policy, if payment for 2019 season slips is made by December 31, 2018, a 5% discount is allowed. If payment for...
Buffalo Marina has 300 available slips that rent for $700 per season. Payments must be made in full by the start of the boating season, April 1, 2021. The boating season ends October 31, and the marina has a December 31 year-end. Slips for future seasons may be reserved if paid for by December 31, 2021. Under a new policy, if payment for 2022 season slips is made by December 31, 2021, a 5% discount is allowed. If payment for...
Stellar Marina has 300 available slips that rent for $800 per season. Payments must be made in full by the start of the boating season, April 1, 2021. The boating season ends October 31, and the marina has a December 31 year-end. Slips for future seasons may be reserved if paid for by December 31, 2021. Under a new policy, if payment for 2022 season slips is made by December 31, 2021, a 4% discount is allowed. If payment for...
Sheridan Marina has 300 available slips that rent for $900 per season. Payments must be made in full by the start of the boating season, April 1, 2021. The boating season ends October 31, and the marina has a December 31 year-end. Slips for future seasons may be reserved if paid for by December 31, 2021. Under a new policy, if payment for 2022 season slips is made by December 31, 2021, a 4% discount is allowed. If payment for...
E18.9 (LO2,3) (Determine Transaction Price) Taylor Marina has 300 available slips that rent for $800 per season. Payments must be made in full by the start of the boating season, April 1,2020. The boating season ends October 31, and the marina has a December 31 year-end. Slips for future seasons may be reserved if paid for by December 31, 2020. Under a new policy, if payment for 2021 season slips is made by December 31, 2020, a 5% discount is...
Jensen Boats and Docks has 300 available slips that rent for $1,000 per season. Payments must be made in full at the start of the boating season, April 1, 2018. Slips for the next season may be reserved if paid for by December 31, 2017. Under a new policy, if payment is made by December 31, 2017, a 10% discount is allowed. The boating season ends October 31, and the marina has a December 31 year-end. To provide cash flow...
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $2,675 balance. During 2019, the company purchased supplies for $11,048, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $2,354 b. An analysis of the company's insurance policies provided the following facts. Policy Date of Purchase April...
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $4,475 balance. During 2019, the company purchased supplies for $18,482, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $3,938. b. An analysis of the company's insurance policies provided the following Policy Months of Coverage Date of...
Arnez Company's annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. a. The Office Supplies account started the year with a $3,200 balance. During 2019, the company purchased supplies for $13,216, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $2,816. b. An analysis of the company's insurance policies provided the following facts. Policy A Months of Coverage...
Arnez Company’s annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. A) The Office Supplies account started the year with a $4,225 balance. During 2019, the company purchased supplies for $17,449, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $3,718. B) An analysis of the company's insurance policies provided the following facts. Policy Date of Purchase Months...