GrouperLtd. operates a microbrewery and sells beer directly to customers, bars, and restaurants.Grouperuses one-litre blue glass refillable bottles featuring a swing-top ceramic lid. The bottles costGrouper$3.9each.Groupercharges customers a refundable deposit of $4for each bottle at the point of sale of their beer and records amounts received to the account Returnable Deposits. The $4deposit amount is standard for this specialized segment of the micro beer industry and is close to the cost of the bottles. In addition, since the bottle returns must be made at the brewery location,Grouperis using this relatively high deposit amount as a marketing strategy because it provides an incentive for customers to return to the brewery to have their bottles refilled. Based on past experience,Grouperestimates that70% of the bottles do not get returned for refund.Groupermakes an adjustment at the end of the fiscal year for unreturned deposits to the account Container Sales Revenue.

(a)Using the periodic system, prepare summary journal entry for the cash sale of5,000bottles of beer with a selling price of $7, plus bottle deposit recorded to Refund Liability.(Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)