nment 8 - Chapter 9 P9-7 Determining Financial Statement Effects of Deferred Revenues L09-1 A. Deferred revenues-customer deposits Eastern Brewing Company (EBC) distributes its products in an aluminum keg. Customers are charged a deposit of $40 per keg, and deposits received from customers are recorded in the key deposits account Required: 1. This part of the question is not part of your Connect assignment 2. A production specialist who works for EBC estimates that 70 kegs for which deposits were received during the year will never be returned. How would the deposits related to these 70 kegs be reflected in the company's financial statements? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) US1 Required: 1. Prepare journal entries to record the collection of rent on September 1 year 1, and the related adjustment for the amount of rent earned during year 1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list oped Journal entry worksheet Book 1 2 Record rent received in advance. Print ferences Note Enter debits before credits General Journal Debit Credit Date Sept 01. Year 1 Clear entry Record entry View general Journal 2. If the amount received on September 1 year 1, had covered a period of 18 months, how should Noreen report the deferred rent amount on its statement of financial position as at December 31, year 1? Statement of financial position Year 1