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$$s cost$.$ They receive a refund when the container is returned. During $2024,$ deposits collected on containers shipped were $$854,000.$

Deposits are forfeited if containers are not returned within $18$ months. Containers held by customers at January $1,2024,$ represented deposits of $$535,000.$ In $2024,$ $$806,000$ was refunded and deposits forfeited were $$46,000.$

Required:

Prepare the appropriate journal entries for the deposits received, returned, and forfeited during $2024.$

Determine the liability for refundable deposits to be reported on the December $31,2024,$ balance sheet.Diversified Semiconductors sells perishable electronic components Some must be stipped and stored in reusable protective

containers. Customers pay a deposit for each container rechyed The deposit is equal to the container's cost. They recelve a refond

when the container is returned. During $2024.$ deposts collepted on containers shophed were $$854,000.$

Deposits cie forfited if containers are not retumed within $18$ months Containe hs he fy py customers at January $1,2024,$ represented

deposits of $$535000$ In $2024,$$$806\mathrm{.}000$ was retunded and deposits forfetted wer $$46000$

Required:

Prepare the approptate joumal enthes for the deposits reteved, returned, and fof feited during $2024.$

Determine the liability for refuncable deposits to be repoted on the December $31,2024$ balance shect.

Complete this question by entering your answers in the tabs below.

Prepare the approprlate joumat anties for the deposits recelved returned, and forfeited during $2924.$

Journal entry worksheet

$$

$1$

$2$

$3$

$4$

Record the deposits collected.

Notes Enter debits before oredits.