P9-7 Determining Financial Statement Effects of Deferred Revenues LO9-1A. Deferred revenues-customer depositsEastern Brewing Company (EBC) distributes its products in an aluminum keg. Customers are charged a deposit of $22 per keg, anddeposits received from customers are recorded in the keg deposits account.Required:1. This part of the question is not part of your Connect assignment.2. A production specialist who works for EBC estimates that 85 kegs for which deposits were received during the year will never bereturned. How would the deposits related to these 85 kegs be reflected in the company's financial statements? (If no entry is requiredfor a transaction/event, select "No journal entry required" In the first account fleld.)View transaction listJournal entry worksheet<1Record deposit revenue.Note: Enter debits before credits.TransactionARecord entryGeneral JournalClear entryDebitCreditView general journal B. Deferred revenues-rentOn September 1, year 1, Noreen Ltd. collected $88,200 in cash from its tenant as an advance rent payment on its store location. Thesix-month lease period ends on February 28, year 2, at which time the lease contract may be renewed. Noreen's fiscal year ends onDecember 31.Required:1. Prepare journal entries to record the collection of rent on September 1, year 1, and the related adjustment for the amount of rentearned during year 1. (If no entry is required for a transaction/event, select "No journal entry required" In the first account fleld.)View transaction listJournal entry worksheet1 2Record rent received in advance.Note: Enter debits before credits.DateSept 01, Year 1Record entryGeneral JournalClear entryDebitCreditView general journal

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P9-7 Determining Financial Statement Effects of Deferred Revenues LO9-1 A. Deferred revenues-customer deposits Eastern Brewing Company (EBC) distributes its products in an aluminum keg. Customers are charged a deposit of $22 per keg, and deposits received from customers are recorded in the keg deposits account. Required: 1. This part of the question is not part of your Connect assignment. 2. A production specialist who works for EBC estimates that 85 kegs for which deposits were received during the year will never be returned. How would the deposits related to these 85 kegs be reflected in the company's financial statements? (If no entry is required for a transaction/event, select "No journal entry required" In the first account field.) View transaction list

P9-7 Determining Financial Statement Effects of Deferred Revenues LO9-1 A. Deferred revenues-customer deposits Eastern Brewing Company (EBC) distributes its products in an aluminum keg. Customers are charged a deposit of $22 per keg, and deposits received from customers are recorded in the keg deposits account. Required: 1. This part of the question is not part of your Connect assignment. 2. A production specialist who works for EBC estimates that 85 kegs for which deposits were received during the year will never be returned. How would the deposits related to these 85 kegs be reflected in the company's financial statements? (If no entry is required for a transaction/event, select "No journal entry required" In the first account field.) View transaction list

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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