Current Attempt in Progress

Cullumber 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 $1,2026.$ 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 $31,2026.$ Under a new policy, if payment for $2027$ season slips is made by December $31,2026,$ a $4\%$ discount is allowed. If payment for $2028$ season slips is made by December $31,2026,$ renters get a $18\%$ discount $($this promotion hopefully will provide cash flow for major dock repairs$).$

On December $31,2025,$ all $300$ slips for the $2026$ season were rented at full price. On December $31,2026,209$ slips were reserved and paid for the $2027$ boating season, and $54$ slips were reserved and paid for the $2028$ boating season.

$($a$)$ Prepare the appropriate journal entries for December $31,2025,$ and December $31,2026.($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 $0$ for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.$)$

Date

Account Titles and Explanation

Debit

Credit