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. 2015 bed and stored in is equal to the con sted on containers E 13-7 Customer deposits .LO13-3 3. What is the appropriate classificati Diversified Semiconductors sells perishable electronic components. Some must be shipped and protective containers. Customers pay a deposit for each container received. The deposit is con. cost. They receive a refund when the container is returned. During 2018. deposits collected on were $850,000. Deposits are forfeited if containers are not returned within 18 months. Containers held by 1. 2018, represented deposits of $530,000. In 2018, $790,000 was refunded and deposits forfei 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 held by customers aan its forfeited were $35 E 13-8 Various transactions involving advance collections LO13-3 The following selected transactions relate to liabilities of Interstate Farm Implements for December 2018 state's fiscal year ends on December 31. Required: Prepare the appropriate journal entries for these transactions. 1. On December 15, received $7,500 from Bradley Farms toward the purchase of a $98,000 tractor to be deliv. ered on January 6, 2019. 2. During December, received $25,500 of refundable deposits relating to containers used to transport equipment pas 3. During December, credit sales totaled $800,000. The state sales tax rate is 5% and the local sales tax nale 2%. (This is a summary journal entry for the many individual sales transactions for the period). E 13-9 Gift cards LO13-3 Circuit Town commenced a gift card program in January 2018 and sold $10,000 of gift cards in January in February, and $16,000 in March 2018 before discontinuing further gift card sales. During 2018, redemptions were $6,000 for the January gift cards sold, $4,500 for the February cards, and $4.000 10 cards. Circuit Town considers gift cards to be "broken" (not redeemable) 10 months after sale. Required: 1. How much revenue will Circuit Town recognize with respect to January gift card sales during - 2. Prepare journal entries to record the sale of January gift cards, redemption of gift cards (ignore breakage (expiration) of gift cards. 3. How much revenue will Circuit Town recognize with respect to March gift card sales during - 4. What liability for deformado des during 2018? ards (ignore sales ta. rd sales during 2018? . 2015 bed and stored in is equal to the con sted on containers E 13-7 Customer deposits .LO13-3 3. What is the appropriate classificati Diversified Semiconductors sells perishable electronic components. Some must be shipped and protective containers. Customers pay a deposit for each container received. The deposit is con. cost. They receive a refund when the container is returned. During 2018. deposits collected on were $850,000. Deposits are forfeited if containers are not returned within 18 months. Containers held by 1. 2018, represented deposits of $530,000. In 2018, $790,000 was refunded and deposits forfei 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 held by customers aan its forfeited were $35 E 13-8 Various transactions involving advance collections LO13-3 The following selected transactions relate to liabilities of Interstate Farm Implements for December 2018 state's fiscal year ends on December 31. Required: Prepare the appropriate journal entries for these transactions. 1. On December 15, received $7,500 from Bradley Farms toward the purchase of a $98,000 tractor to be deliv. ered on January 6, 2019. 2. During December, received $25,500 of refundable deposits relating to containers used to transport equipment pas 3. During December, credit sales totaled $800,000. The state sales tax rate is 5% and the local sales tax nale 2%. (This is a summary journal entry for the many individual sales transactions for the period). E 13-9 Gift cards LO13-3 Circuit Town commenced a gift card program in January 2018 and sold $10,000 of gift cards in January in February, and $16,000 in March 2018 before discontinuing further gift card sales. During 2018, redemptions were $6,000 for the January gift cards sold, $4,500 for the February cards, and $4.000 10 cards. Circuit Town considers gift cards to be "broken" (not redeemable) 10 months after sale. Required: 1. How much revenue will Circuit Town recognize with respect to January gift card sales during - 2. Prepare journal entries to record the sale of January gift cards, redemption of gift cards (ignore breakage (expiration) of gift cards. 3. How much revenue will Circuit Town recognize with respect to March gift card sales during - 4. What liability for deformado des during 2018? ards (ignore sales ta. rd sales during 2018