ACC Tax ch 13

a) GreyCo collected $18,400 of customer deposits on cans and bottles. As of the end of the accounting period, GreyCo has redeemed 56% of the deposits, and concludes that 15% of the deposits have been forfeited. GreyCo should recognize revenue of $_____________:

b) Dedmon Co. , whose fiscal year ends December 31, borrowed $36,450 on September 1, 2016, issuing a 10%, ten-month note payable with interest due at maturity. When the note matures on June 30, 2017, Dedmon will write a journal entry that includes a credit to cash of $___________