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Blue Corp rents out fishing tools. The company requires a returnable deposit with each rental service. During May, the company collected $9,000 customer deposits.
Blue Corp rents out fishing tools. The company requires a returnable deposit with each rental service. During May, the company collected $9,000 customer deposits. The amount of deposit forfeiture 10% of the total deposits. Which one of the following journal entries is correct to record deposit forfeiture? Debit Returnable deposit $900; Credit Cash $900 Debit Returnable deposit $900; Credit Sales revenue $900 QDebit Cash $450; Credit Returnable deposit $450 Debit Cash $900; Credit Returnable deposit $900
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