Captain Peter's Marina sells boats and other water recreational vehicles (approximately three vehicles are sold each week).
Question:
Captain Peter's Marina sells boats and other water recreational vehicles (approximately three vehicles are sold each week). The following transactions occurred during the third week of May:
May 15 Sold an \(\$ 800\) boat trailer ( \(\$ 500\) cost) to Sam and Myrna Marston, who paid using a personal check.
16 Sold a \(\$ 10,000\) boat ( \(\$ 6,500\) cost) to the Calumet Lake Patrol on account, with \(2 / 10, n / 30\) terms.
18 Sold a \(\$ 1,200\) water scooter ( \(\$ 700\) cost) to Kyle Bronson, who used the United Merchants Card to charge the cost of the water scooter. Captain Peter's mailed the credit card sales slip to United Merchants the same day. United Merchants will send a check within seven days, net of a two percent fee.
19 Sold a \(\$ 6,000\) fishing boat ( \(\$ 3,500\) cost) to Michael Ferguson, who used the Great American Bank Card to pay for the boat. Captain Peter's deposited the credit card sales slip the same day and received an immediate credit in the company's checking account, net of a three percent fee.
20 Received payment from Calumet Lake Patrol for the boat purchased on May 16.
21 Received payment from United Merchants for the May 18 transaction.
Required
Prepare journal entries to record these transactions. Captain Peter's Marina uses the perpetual inventory system.
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