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Diversified Semiconductors sells perishable electronic components. Some must be shipped and stored in reusable protective...

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Accounting

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Diversified Semiconductors sells perishable electronic components. Some must be shipped and stored in reusable protective containers. Customers pay a deposit for each container received. The deposit is equal to the container's cost. They receive a refund when the container is returned. During 2018, deposits collected on containers shipped were $914,000 Deposits are forfeited if containers are not returned within 18 months. Containers held by customers at January 1, 2018, represented deposits of $564,000. In 2018, $829,000 was refunded and deposits forfeited were $35,500. 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 sheet. 0:25 Complete this question by entering your answers in the tabs below. nces Required 1 Required 2 Prepare the appropriate journal entries for the deposits received and returned during 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account held.)

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