### Bonita Marina Revenue Management**Overview:**Bonita Marina offers 300 available slips for rental, each priced at $900 per season. The payment for these slips must be fully completed by the start of the boating season, commencing on April 1, 2021. The season concludes on October 31, with the marina's fiscal year ending on December 31.**Discounts:**1. For slips reserved by December 31, 2021, for the 2022 season, a 6% discount is available.2. A significant 23% discount is provided for early payments for the 2023 season if completed by December 31, 2021, as part of a promotion aimed at supporting major dock repairs.**Reservation Status:**- By December 31, 2020, all 300 slips were fully rented at the regular price.- By December 31, 2021, 196 slips were secured and pre-paid for the 2022 season.- Additionally, 62 slips were reserved and paid in advance for the 2023 season.**Journal Entry Instructions:**- Record necessary journal entries for December 31, 2020, and December 31, 2021.- Entries should be rounded to the nearest whole number.- Credit account titles should be indented automatically upon entry. Avoid manual indentation.- If no entry is required, select "No entry" and enter zero for the amounts.**Journal Entry Table:**| Date | Account Titles and Explanation | Debit | Credit ||------------|--------------------------------|-------|--------|| | | | || | | | || | (To record 2021 revenue.) | | || | | | || | | | || | (To record 2022 revenue.) | | || | | | || | (To record 2023 revenue.) | | |**Note:** Ensure accurate recording in alignment with the provided guidelines and verify calculations for precise financial reporting.

Revenue=Slips×Per season=300×$900=$270,000

Bonita 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 6% discount is allowed. If payment for 2023 season slips is made by December 31, 2021, renters get a 23% discount (this promotion hopefully will provide cash flow for major dock repairs). On December 31, 2020, all 300 slips for the 2021 season were rented at full price. On December 31, 2021, 196 slips were reserved and paid for the 2022 boating season, and 62 slips were reserved and paid for the 2023 boating season. (a) Prepare the appropriate journal entries for December 31, 2020, and December 31, 2021. (Round answers to0 decimal places, eg 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit

Bonita 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 6% discount is allowed. If payment for 2023 season slips is made by December 31, 2021, renters get a 23% discount (this promotion hopefully will provide cash flow for major dock repairs). On December 31, 2020, all 300 slips for the 2021 season were rented at full price. On December 31, 2021, 196 slips were reserved and paid for the 2022 boating season, and 62 slips were reserved and paid for the 2023 boating season. (a) Prepare the appropriate journal entries for December 31, 2020, and December 31, 2021. (Round answers to0 decimal places, eg 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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