P8-4B

Credit Card Sales Captain Paul's Marina sells boats and other water recreational vehicles (approxi- L03 mately three vehicles are sold each week). The following transactions occurred during the third week of May: P8-4B. C Sold a $750 boat trailer ($500 cost) to Sam and Myrna Marston, who paid using a personal 15 16 18 Sold a $1,200 water scooter ($700 cost) to Kyle Bronson, who used the United Merchants May check Sold a S10,000 boat ($6,500 cost) to the Calumet Lake Patrol on account, with 2/10, n/30 terms. Card to charge the cost of the water scooter. Captain Paul'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 Ameri- can Bank Card to pay for the boat. Captain Paul's deposited the credit card sales slip the same day and received an immediate credit in the company's checking account, net of a two 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 Paul's Marina uses the perpetual inventory system