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On October 30, 2020, Grossman received $3,000 of refundable deposits for reusable containers. Deposits are forfeited if containers are not returned in 2 months. Two-thirds

On October 30, 2020, Grossman received $3,000 of refundable deposits for reusable containers. Deposits are forfeited if containers are not returned in 2 months. Two-thirds of the storage containers are returned in 2020. Ignore the cost of the containers, what would Grossman record on December 31, 2020?

Multiple Choice

Credit Revenue for $1,000.
Credit Liability - refundable deposits for $2,000.
Debit Cash for $3,000.
Credit Liability - refundable deposits for $3,000.

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