Party Warehouse Inc.rents a wide variety of products (eg, tables, chairs, tents for special events. Upon rentat Party Warehouse requires a deposit which rental period Deposits charged are twice the cost of the equipment, and Party Warehouse keeps the equipment is accounting records un deposits are forfeited. On April. a customer rented various prostor an event to be held on April 8, and Party Warehouse collected a $20,000 deposit. The products were returned on April 10 Required: 1. Prepare the entries to record the recent of the deposit and refund of the deposit of the end of the rent period 2. Assume that the customer any returne 00 of the equipment on April 10. Prepare d to recorderter of the post CHART OF ACCOUNTS Party Warehouse Inc. General Ledger REVENUE 432 Revenue from Deposits ASSETS 111 Cash 121 Accounts Receivable 141 Inventory of Rental Equipment 152 Prepaid Insurance 181 Equipment 189 Accumulated Depreciation EXPENSES 511 Insurance Expense 512 Utilities Expense 521 Salaries Expense 532 Bad Debt Expense 540 Interest Expense 541 Depreciation Expense 559 Miscellaneous Expense: Forfeited Containers 910 Income Tax Expense LIABILITIES 211 Accounts Payable 231 Salaries Payable 233 Deposit from Customer 250 Unearned Revenue 261 Income Taxes Payable EQUITY 311 Common Stock 331 Retained Earnings 1. Prepare the entries to record the recept of the deposit and refund of the deposit at the end of the rental period General Journal instructions GENERAL JOURNAL ACCOUNT TITLE POST. REF. 2. Assume that the customer only returns 80% of the equipment on April 10. Prepare the entries to record the forfeiture of the deposit