Required information Exercise 7-11 (Algo) Unearned revenues-customer deposits LO 3 [The following information applies to the questions displayed below] NightWoundsTime Brewing Co. distributes its products in an aluminum keg. Customers are charged a deposit of $90 per keg; deposits are recorded in the Keg Deposits account. Exercise 7-11 (Algo) Part c- Horizontal model c-1. A keg use analyst who works for NightWoundsTime estimates that 280 kegs for which deposits were received during the year will never be returned. What accounting, if any, would be appropriate for the deposits associated with these kegs? Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Assets Balance Sheet Liabilities Income Statement Stockholders' Equity Net Income Revenues ress are charyeu m deposits were received during the year will ated with these kegs? Indicate the financial atement effect.) Income Statement lers' Equity Net Income Revenues Expenses 76 Required information Exercise 7-11 (Algo) Unearned revenues-customer deposits LO 3 [The following information applies to the questions displayed below.] NightWoundsTime Brewing Co. distributes its products in an aluminum keg. Customers are charged a deposit of $90 per keg: deposits are recorded in the Keg Deposits account. Exercise 7-11 (Algo) Part c Journal entry c-2. A keg use analyst who works for NightWoundsTime estimates that 280 kegs for which deposits were received during the year will never be returned. Record the accounting that would be appropriate for the deposits associated with these kegs? (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 Record the elimination of the liability for unreturned kegs. Note: Enter debits before credits. Event General Journal Debit Credit of 6 K Des Required information required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the elimination of the liability for unreturned kegs. Note: Enter debits before credits Event 1 General Journal Debit Credit View general journal Record entry Clear entry Required information Exercise 7-11 (Algo) Unearned revenues-customer deposits LO 3 [The following information applies to the questions displayed below) NightWoundsTime Brewing Co. distributes its products in an aluminum keg. Customers are charged a deposit of $90 per keg: deposits are recorded in the Keg Deposits account. Exercise 7-11 (Algo) Part d - Horizontal model d. Use the horizontal model, demonstrate accounting that would be appropriate for the cost of the kegs that are purchased and used by NightWoundsTime Brewing Company, including how to account for unreturned kegs? Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Assets Balance Sheet) Liabilities Stockholders' Equity Net Income) Income Statement Revenues Exper deposits LO3 splayed below] s in an aluminum keg. Customers are charged a deposit of $90 per nt. uld be appropriate for the cost of the kegs that are purchased and used count for unreturned kegs? Indicate the financial statement effect. (Enter statement effect.) + Stockholders' Equity + Net Income Income Statement Revenues Expenses +