Question: Current Attempt in Progress Ivanhoe Marina has 400 available slips that rent for $900 per season. Payments must be made in full by the start

 Current Attempt in Progress Ivanhoe Marina has 400 available slips that
rent for $900 per season. Payments must be made in full by

Current Attempt in Progress Ivanhoe Marina has 400 available slips that rent for $900 per season. Payments must be made in full by the start of the boating season, April 1, 2024. 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 31,2024 . Under a new policy, if payment for 2025 season slips is made by December 31, 2024, a 8\% discount is granted. If payment for 2026 season slips is made by December 31, 2024, renters get a 29\% discount. (Ivanhoe hopes this promotion will provide cash flow for major dock repairs.) On December 31,2023 , all 400 slips for the 2024 season were rented at full price. On December 31, 2024, 150 slips were reserved and paid for the 2025 boating season, and 60 slips were reserved and paid for the 2026 boating season. (a) Prepare the appropriate journal entries for December 31,2023, and Docember 31, 2024. (Credit occount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter Ofor the amounts. Record joumal entries in the order presented in the problem. List all debit entries before credit entries) Prepare the appropriate journal entries for December 31, 2023, and December 31, 2024. (Credit account titles are automatically indented when the amount is entered, Do not indent manually, If no entry is required, select "No Entry" for the occount titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries)

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