Problem 8-78A (Algorithmic) Unearned Revenue and Customer Deposits On November 20, 2019, Green Bay Electronics agreed to manufacture and supply 500 electronic control units used by Wausau Heating Systems in large commercial and industrial installments. On that date, Wausau deposited $480 per unit upon signing the 3-year purchase agreement, which set the selling price of each control unit at $1,440. Green Bay will record these units at $300 per unit in inventory. No units were delivered during 2019. In 2020, 100 units were delivered, 150 units were delivered during 2021, and the remaining units were delivered during 2022 Assume Green Bay uses a perpetual inventory system. Wausau pays in cash upon delivery for units not covered by the deposit. stry 4 Required: by Green Bay to record receipt of the deposit during 2019. Nov. 20- (Record receipt of deposit for merchandise not How would the deposit be reported in the financial statements at the end of 2019? The portion of customer deposits pertaining to next year's deliveries should be classified as a on the balance sheet at the end of 2019; the remainder should be classified as a 2. Conceptual Connection: Prepare the entry by Green Bay to record (a) the recognition of revenue and (b) the delivery of 100 units during 2020. For a compound transaction, if an amount box does not require an entry, leave it blank Check My Work Smore Check My Work uses remaining Previous Next > Email Instructor Save and Exit Submit Assignment for Grading 7 8 9 0 CO M FORT delivery of 100 units during 2020. For a compound transaction, if an amount box does not require an entry leave it blank (Record recognition of revenut) (ol (Record delivery of merchandise) How would the deposit be reported in the financial statements at the end of 20207 cor The amount that pertains to next year's deliveries and would be reported as a sheet at the end of 2020, while the remainder would be classified as a on the balance 3. Prepare the entry by Green Bay to record () the recognition of revenue and (b) the delivery of 150 units during 2021. For a compound transaction, if an amount box does not require an entry, leave it blank. (Record recognition of revenue) Check My Work 5 more Check My Work uses Save and Exit Submit Assignment for Grading (Record recognition of revenue) (Record delivery of merchandise) How would the deposit be reported in the financial statements at the end of 2020? The amount that pertains to next year's deliveries and would be reported as a sheet at the end of 2020, while the remainder would be classified as a on the balance 3. Prepare the entry by Green Bay to record (a) the recognition of revenue and (b) the delivery of 150 units during 2021. For a compound transaction, if an amount box does not require an entry, leave it blank. (Record recognition of revenue) (Record delivery of merchandise) Check My Works more Check My Work uses Email Instructor Save and Exit Submit Assignment for Grading