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AccountingIntermediate Accounting: Reporting And Analysis3rd Edition

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Chapter 9, Problem 8E
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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

Solutions

Chapter
Section
Problem 1GI
Problem 2GI
Problem 3GI
Problem 4GI
Problem 5GI
Problem 6GI
Problem 7GI
Problem 8GI
Problem 9GI
Problem 10GI
Problem 11GI
Problem 12GI
Problem 13GI
Problem 14GI
Problem 15GI
Problem 16GI
Problem 17GI
Problem 18GI
Problem 19GI
Problem 20GI
Problem 21GI
Problem 22GI
Problem 23GI
Problem 24GI
Problem 25GI
Problem 26GI
Problem 27GI
Problem 28GI
Problem 1MC
Problem 2MC
Problem 3MC
Problem 4MC
Problem 5MC
Problem 6MC
Problem 7MC
Problem 8MC
Problem 9MC
Problem 10MC
Problem 1RE
Problem 2RE
Problem 3RE
Problem 4RE
Problem 5RE
Problem 6RE
Problem 7RE
Problem 8RE
Problem 9RE
Problem 10RE
Problem 11RE
Problem 1E
Problem 2E
Problem 3E
Problem 4E
Problem 5E
Problem 6E
Problem 7E
Problem 8E
Problem 9E
Problem 10E
Problem 11E
Problem 12E
Problem 13E
Problem 14E
Problem 15E
Problem 16E
Problem 17E
Problem 18E
Problem 19E
Problem 20E
Problem 21E
Problem 22E
Problem 1P
Problem 2P
Problem 3P
Problem 4P
Problem 5P
Problem 6P
Problem 7P
Problem 8P
Problem 9P
Problem 10P
Problem 11P
Problem 12P
Problem 13P
Problem 14P
Problem 15P
Problem 16P
Problem 17P
Problem 18P
Problem 1C
Problem 2C
Problem 3C
Problem 4C
Problem 5C
Problem 6C
Problem 7C
Problem 8C
Problem 10C
BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Refundable Deposits Party Warehouse Inc. rents a wide variety of products (e.g., tables, chairs, tents) for special events. Upon rental, Party Warehouse requires a deposit which is forfeited if the equipment is not returned at the end of the rental period. Deposits charged are twice the cost of the equipment, and Party Warehouse keeps the equipment in its accounting records until deposits are forfeited. On April 5, a customer rented various products for an event to be held on April 8, and Party Warehouse collected a $10,000 deposit. The products were returned on April 10.

Required:

  1. 1. Prepare the entries to record the receipt of the deposit and refund of the deposit at the end of the rental period.
  2. 2. Assume that the customer only returns 90% of the equipment on April 10. Prepare the entries to record the forfeiture of the deposit.

1.

To determine

Prepare the journal entries to record the receipt of the deposit and the refund of deposit at the end of the period in the books of Incorporation PW.

Explanation

Refundable Deposit:

Refundable deposits are the deposits made by the employees and the customers to the companies as a guarantee for covering the asset used by the customer, to cover the payments that might arise in the future period or to guarantee performance of a service or contract.

Prepare the journal entry to record the receipt of the deposit:

DateAccount Titles and ExplanationsDebit ($)Credit ($)
April 5Cash10,000 
     Deposit from customer 10,000
 (To record the collection of cash deposit)  

Table (1)

  • Cash is an asset account and it is increased. Thus, debit cash with $10,000...

2.

To determine

Prepare the journal entries to record the forfeiture of deposit.

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Ch-9 P-1GICh-9 P-2GICh-9 P-3GICh-9 P-4GICh-9 P-5GICh-9 P-6GICh-9 P-7GICh-9 P-8GICh-9 P-9GICh-9 P-10GI
Ch-9 P-11GICh-9 P-12GICh-9 P-13GICh-9 P-14GICh-9 P-15GICh-9 P-16GICh-9 P-17GICh-9 P-18GICh-9 P-19GICh-9 P-20GICh-9 P-21GICh-9 P-22GICh-9 P-23GICh-9 P-24GICh-9 P-25GICh-9 P-26GICh-9 P-27GICh-9 P-28GICh-9 P-1MCCh-9 P-2MCCh-9 P-3MCCh-9 P-4MCCh-9 P-5MCCh-9 P-6MCCh-9 P-7MCCh-9 P-8MCCh-9 P-9MCCh-9 P-10MCCh-9 P-1RECh-9 P-2RECh-9 P-3RECh-9 P-4RECh-9 P-5RECh-9 P-6RECh-9 P-7RECh-9 P-8RECh-9 P-9RECh-9 P-10RECh-9 P-11RECh-9 P-1ECh-9 P-2ECh-9 P-3ECh-9 P-4ECh-9 P-5ECh-9 P-6ECh-9 P-7ECh-9 P-8ECh-9 P-9ECh-9 P-10ECh-9 P-11ECh-9 P-12ECh-9 P-13ECh-9 P-14ECh-9 P-15ECh-9 P-16ECh-9 P-17ECh-9 P-18ECh-9 P-19ECh-9 P-20ECh-9 P-21ECh-9 P-22ECh-9 P-1PCh-9 P-2PCh-9 P-3PCh-9 P-4PCh-9 P-5PCh-9 P-6PCh-9 P-7PCh-9 P-8PCh-9 P-9PCh-9 P-10PCh-9 P-11PCh-9 P-12PCh-9 P-13PCh-9 P-14PCh-9 P-15PCh-9 P-16PCh-9 P-17PCh-9 P-18PCh-9 P-1CCh-9 P-2CCh-9 P-3CCh-9 P-4CCh-9 P-5CCh-9 P-6CCh-9 P-7CCh-9 P-8CCh-9 P-10C

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