Liability for Refundable Deposits Assignment

Liability for Refundable Deposits Assignment

Diversified Semiconductors sells perishable electronic components. Some must be shipped and stored in reusable protective containers. Customers pay a deposit for each container received. The deposit is equal to the container's cost. They receive a refund when the container is returned. During 2018, deposits collected on containers shipped were $899,000.

Deposits are forfeited if containers are not returned within 18 months. Containers held by customers at January 1, 2018, represented deposits of $597,000. In 2018, $838,000 was refunded and deposits forfeited were $54,000. Required: 1. Prepare the appropriate journal entries for the deposits received and returned during 2018.

Liability for Refundable Deposits Assignment

 

Liability for Refundable Deposits Assignment

Get Accounting homework help today from Contentmart. 

 

2. Determine the liability for refundable deposits to be reported on the December 31, 2018, balance sheet. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate journal entries for the deposits received and returned during 2018. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 Record the deposits collected. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry

View general journal Required 1 Required 2 > Required 1 Required 2 Prepare the appropriate journal entries for the deposits received and returned during 2018. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.) View transaction list Journal entry worksheet < 1 3 4 Record the containers returned. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 > Required 1 Required 2 Prepare the appropriate journal entries for the deposits received and returned during 2018. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.)

View transaction list Journal entry worksheet < 1 2 Record the deposits forfeited – record revenue. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 > Required 1 Required 2 Prepare the appropriate journal entries for the deposits received and returned during 2018. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.) View transaction list Journal entry worksheet < 1 2 3 Record the deposits forfeited – adjust inventory. Note: Enter debits before credits.

Event General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 > Required 1 Required 2. Determine the liability for refundable deposits to be reported on the December 31, 2018, balance sheet. Balance on December 31 < Required 1 Required 2 >

Liability for Refundable Deposits Assignment

Liability for Refundable Deposits Assignment

Get Accounting homework help today from Contentmart. 

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