Prepare the appropriate journal entries for the depositis, Ask an Expert

Accounting

Diversified Semiconductors sells perishable electronic components. Some must be shipped and stored in reusable protective containers. Customer pay a deposit for each container received. The deposits forfeited were $35,000.

Required:

Prepare the appropriate journal entries for the depositis received and returned during 2011.

Determine the liabiltiy for refurndable deposits to be reported on the December 31, 2011, balance sheet.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M9411024

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