Find out the liabiltiy for refurndable deposits to be report

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Reference no: EM13130828

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.

Reference no: EM13130828

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