Beans Brewery in Bakersfield sells its craft beer in various keg sizes. Customers pay an...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Beans Brewery in Bakersfield sells its craft beer in various keg sizes. Customers pay an $80 deposit for the keg and the taps when they buy beer for takeout. The deposit amount is double the cost of the kegs and taps, which are recorded on Beanss books as supply inventory. Beans started 2019 with a $42,000 liability for keg deposits. During January of 2019, kegs were returned and deposits refunded for $37,000. New keg deposits were taken in for $15,000, and keg deposits in the amount of $2,500 were forfeited.
Prepare all journal entries in 2019 related to the keg deposits.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
