![Help Save &Exit Submit Exercise 13-7 Customer deposits [L013-3] Diversified Semiconductors sells perishable electronic components. Some must be shipped and containers. Customers pay a deposit for each container received. The deposit is equal to the containers cost They receive a re stored In reusable protective when the container is returned. During 2018, deposits collected on containers shipped were $8 54,000. Deposits are forfeited if containers are not returned within 18 months. Containers held by customers at January 1,2018, represented deposits of $535,000. In 2018, $806,000 was refunded and deposits forfeited were $46.000. Required: 1. Prepare the appropriate journal entries for the deposits received and returned during 2018. 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 1Required 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 fleld.) Journal entry worksheet 4 of 10 İİİ Next > < Prev](http://img.homeworklib.com/questions/4e1f79f0-641b-11ea-9464-21cd2c7a2b4a.png?x-oss-process=image/resize,w_560)
Homework Answers
1.
| Date | Accounts | Debit | Credit |
| 1 | Cash | 854000 | |
| Liability for refundable deposits | 854000 | ||
| (To record deposits collected) | |||
| 2 | Liability for refundable deposits | 806000 | |
| Cash | 806000 | ||
| (To record deposits refunded) | |||
| 3 | Liability for refundable deposits | 46000 | |
| Sale of containers | 46000 | ||
| (To record deposits forfeited) | |||
| 4 | Cost of goods sold | 46000 | |
| Inventory of containers | 46000 | ||
| (To record cost of unreturned containers) |
2.
| Liability for refundable deposits, January 1, 2018 | 535000 |
| Add: Deposits collected during 2018 | 854000 |
| Less: Deposits refunded | -806000 |
| Deposits forfeited | -46000 |
| Liability for refundable deposits, December 31, 2018 | 537000 |
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Help Save &Exit Submit Exercise 13-7 Customer deposits [L013-3] Diversified Semiconductors sells perishable electronic components. Some...
Diversified Semiconductors sells perishable electronic components. Some must be shipped and stored in reusable protective containers....
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 2016, deposits collected on containers shipped were $850,000. Deposits are forfeited if containers are not returned within 18 months. Containers held by customers at January 1, 2016, represented deposits of $530,000. In 2016, $790,000 was refunded and deposits...
Diversified Semiconductors sells perishable electronic components. Some must be shipped and stored in reusable protective containers....
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 2021, deposits collected on containers shipped were $931,000. Deposits are forfeited if containers are not returned within 18 months. Containers held by customers at January 1, 2021, represented deposits of $570,000. In 2021, $877,000 was refunded and deposits...
Diversified Semiconductors sells perishable electronic components. Some must be shipped and stored in reusable protective containers....
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 2021, deposits collected on containers shipped were $910,000. Deposits are forfeited if containers are not returned within 18 months. Containers held by customers at January 1, 2021, represented deposits of $577,000. In 2021, $807,000 was refunded and deposits...
Diversified Semiconductors sells perishable electronic components. Some must be shipped and stored in reusable protective containers....
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 $881,000. Deposits are forfeited if containers are not returned within 18 months. Containers held by customers at January 1, 2018, represented deposits of $590,000. In 2018, $822,000 was refunded and deposits...
3. WINI I ue approp bol Diversified Semiconductors sells perishable electronic components. Some must be shipped...
3. WINI I ue approp bol Diversified Semiconductors sells perishable electronic components. Some must be shipped and stored in reak protective containers. Customers pay a deposit for each container received. The deposit is equal to the contained cost. They receive a refund when the container is returned. During 2021, deposits collected on containers shinpe were $850,000. Deposits are forfeited if containers are not returned within 18 months. Containers held by customers January 1, 2021, represented deposits of $530,000. In 2021,...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE. THANK YOU! Exercise 13-7 (Algo) Customer...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE.
THANK YOU!
Exercise 13-7 (Algo) Customer deposits [LO13-3] 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 2021, deposits collected on containers shipped were $883.000. Deposits are forfeited if containers are not returned within 18 months. Containers...
Riverbed Corp. follows IFRS and sells its products in expensive, reusable containers that can be tracked....
Riverbed Corp. follows IFRS and sells its products in expensive, reusable containers that can be tracked. The customer is charged a deposit for each container that is delivered and receives a refund for each container that is returned within two years after the year of delivery. When a container is not returned within the time limit, Riverbed accounts for the container as being sold at the deposit amount and credits the account Container Sales Revenue. Information for 2020 is as...
LIST OF ACCOUNTS: Riverbed Corp. follows IFRS and sells its products in expensive, reusable containers that...
LIST OF ACCOUNTS:
Riverbed Corp. follows IFRS and sells its products in expensive, reusable containers that can be tracked. The customer is charged a deposit for each container that is delivered and receives a refund for each container that is returned within two years after the year of delivery. When a container is not returned within the time limit, Riverbed accounts for the container as being sold at the deposit amount and credits the account Container Sales Revenue. Information for...
P 13-2 Various transactions involving liabilities L013–2 through @LO13-4 Q Camden Biotechnology began operations in September...
P 13-2 Various transactions involving liabilities L013–2 through @LO13-4 Q Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the company for September 2021 through March 2022. Camden's fiscal year ends on December 31. Its financial statements are issued in April. 2021 a. On September 5, opened checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $15,000,000 at the bank's prime rate (10.5% at the time). The...
Homework 3 Saved Help Save & Exit Submit Check my work Part 1 of 2 Required...
Homework 3 Saved Help Save & Exit Submit Check my work Part 1 of 2 Required information The following information applies to the questions displayed below.) Ricky's Plano Rebuilding Company has been operating for one year. On January 1, at the start of its second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: points Skipped $ 5,800 Accounts Payable 33,750 Deferred Revenue (deposits) $10,050 4,600 eBook Cash Accounts Receivable Supplies Equipment...
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 2016, deposits collected on containers shipped were $850,000. Deposits are forfeited if containers are not returned within 18 months. Containers held by customers at January 1, 2016, represented deposits of $530,000. In 2016, $790,000 was refunded and deposits...
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 2021, deposits collected on containers shipped were $931,000. Deposits are forfeited if containers are not returned within 18 months. Containers held by customers at January 1, 2021, represented deposits of $570,000. In 2021, $877,000 was refunded and deposits...
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 $881,000. Deposits are forfeited if containers are not returned within 18 months. Containers held by customers at January 1, 2018, represented deposits of $590,000. In 2018, $822,000 was refunded and deposits...
3. WINI I ue approp bol Diversified Semiconductors sells perishable electronic components. Some must be shipped and stored in reak protective containers. Customers pay a deposit for each container received. The deposit is equal to the contained cost. They receive a refund when the container is returned. During 2021, deposits collected on containers shinpe were $850,000. Deposits are forfeited if containers are not returned within 18 months. Containers held by customers January 1, 2021, represented deposits of $530,000. In 2021,...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE.
THANK YOU!
Exercise 13-7 (Algo) Customer deposits [LO13-3] 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 2021, deposits collected on containers shipped were $883.000. Deposits are forfeited if containers are not returned within 18 months. Containers...
Riverbed Corp. follows IFRS and sells its products in expensive, reusable containers that can be tracked. The customer is charged a deposit for each container that is delivered and receives a refund for each container that is returned within two years after the year of delivery. When a container is not returned within the time limit, Riverbed accounts for the container as being sold at the deposit amount and credits the account Container Sales Revenue. Information for 2020 is as...
LIST OF ACCOUNTS:
Riverbed Corp. follows IFRS and sells its products in expensive, reusable containers that can be tracked. The customer is charged a deposit for each container that is delivered and receives a refund for each container that is returned within two years after the year of delivery. When a container is not returned within the time limit, Riverbed accounts for the container as being sold at the deposit amount and credits the account Container Sales Revenue. Information for...
P 13-2 Various transactions involving liabilities L013–2 through @LO13-4 Q Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the company for September 2021 through March 2022. Camden's fiscal year ends on December 31. Its financial statements are issued in April. 2021 a. On September 5, opened checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $15,000,000 at the bank's prime rate (10.5% at the time). The...
Homework 3 Saved Help Save & Exit Submit Check my work Part 1 of 2 Required information The following information applies to the questions displayed below.) Ricky's Plano Rebuilding Company has been operating for one year. On January 1, at the start of its second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: points Skipped $ 5,800 Accounts Payable 33,750 Deferred Revenue (deposits) $10,050 4,600 eBook Cash Accounts Receivable Supplies Equipment...
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