Revenue Recognition for Brooke Bennett Marina for slip rental for boats. Prepare journal entries for revenue.
1. Brooke Bennett Marina has 300 available slips that rent for $900 per season. Payments must be made in full at the start of the boating season, April 1, 2008. Slips for the next season may be reserved if paid for by December 31, 2008. Under a new policy, if payment is made by December 31, 2008, a 5% discount is allowed. The bo