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Credit Card Sales Lake Pleasant 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 a boat trailer to Ed and Jane Peeler, who paid with a personal check:	$600	($400	cost)
May 16	Sold a boat to Lake Pleasant Lake Patrol on account, with 2/10,n/30 credit terms for	$10,000	($6,500	cost)
May 18	Sold a water scooter to Bryan Wagner, totaling	$1,200	($700	cost)
	who used the United Merchants Card to charge the cost of the etchings, Lake Pleasant Marina
	mailed the credit card sales slip to United Merchants the same day. United Merchants
	will send a check within seven days after deducting a 2 % fee.
May 19	Sold a fishing boat to Michael Moffett, who used their Great American Bank
	Card to pay for the boat. Lake Pleasant Marina deposited the credit card
	sales slip the same day and received immediate credit in the company's checking account,
	The bank charged a 2% fee. The boat was sold for	$5,000	($3,000	cost)
May 20	Received payment from Lake Pleasant Lake Patrol for its May 16 purchase.
May 21	Received a check from United Merchants for the May 18 transaction.

Required Prepare journal entries to record these transactions. Lake Pleasant Marina uses the perpetual inventory system.

General Journal
Date	Description	Debit	Credit
May 15	Cash	600
	Sales Revenue		600
	To record cash sales.
May 15	Cost of Goods Sold	400
	Inventory		400
	To record cost of goods sold.
May 16	Accounts Receivable - Lake Pleasant Patrol	10,000
	Sales Revenue		10,000
	To record credit card sales.
May 16	Cost of Goods Sold	6,500
	Inventory		6,500
	To record cost of goods sold.
May 18	Accounts Receivable - United Merchants	1,176
	Credit Card Fee Expense	24
	Sales Revenue		1,200
	To record credit card sales.
May 18	Cost of Goods Sold	700
	Inventory		700
	To record cost of goods sold.
May 19	Cash	4,900
	Credit Card Fee Expense	100
	Sales Revenue		5,000
	To record credit card sales.
May 19	Cost of Goods Sold	3,000
	Inventory		3,000
	To record cost of goods sold.
May 20	Cash	?
	Sales Discounts	?
	Accounts Receivable - Lake Pleasant Patrol		?
	To record collection from Lake Pleasant Patrol.
May 21	Cash	?
	Accounts Receivable - United Merchants		?
	To record collection from United Merchants.

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