Record deposit revenue

Record rent recorved in advance

Record entry to recognize rent revenue for the year

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?

A. Deferred revenues-customer deposits Eastern Brewing Company (EBC) distributes its products in an aluminum keg. Customers are charged a deposit of $20 per keg, and deposits received from customers are recorded in the keg 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 75 kegs for which deposits were received during the year will never be returned. How would the deposits related to these 75 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) Journal entry worksheet 1 Record deposit revenue. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general Journal B. Deferred revenues-rent On September 1, year 1, Noreen Ltd. collected $86,400 in cash from its tenant as an advance rent payment on its store location. The six-month lease period ends on February 28, year 2, at which time the lease contract may be renewed. Noreen's fiscal year ends on December 31 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 Journal entry worksheet 2 Record rent received in advance. Note: Enter debits before credits General Journal Debit Credit Date Sept 01, Year 1 Journal entry worksheet