(a) Concord Corp. follows IFRS and sells its products in expensive, reusable containers that can be tracked. The customer is charged a deposit for each container that is delivered and receives a refund for each container that is returned within two years after the year of delivery. When a container is not returned within the time limit, Concord accounts for the container as being sold at the deposit amount and credits the account Container Sales Revenue. Information for 2023 is as follows: Containers held by customers at December 31, 2022, from deliveries in: 2021 2022 Containers delivered in 2023 Containers returned in 2023 from deliveries in: $177,200 418,700 2021 $118,000 2022 291,300 315,000 2023 $595,900 894,700 724,300 Prepare all journal entries required for Concord for the returnable deposits during 2023. Use the account Deposits. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
(a) Concord Corp. follows IFRS and sells its products in expensive, reusable containers that can be tracked. The customer is charged a deposit for each container that is delivered and receives a refund for each container that is returned within two years after the year of delivery. When a container is not returned within the time limit, Concord accounts for the container as being sold at the deposit amount and credits the account Container Sales Revenue. Information for 2023 is as follows: Containers held by customers at December 31, 2022, from deliveries in: 2021 2022 Containers delivered in 2023 Containers returned in 2023 from deliveries in: $177,200 418,700 2021 $118,000 2022 291,300 315,000 2023 $595,900 894,700 724,300 Prepare all journal entries required for Concord for the returnable deposits during 2023. Use the account Deposits. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:(a)
Concord Corp. follows IFRS and sells its products in expensive, reusable containers that can be tracked. The customer is charged a
deposit for each container that is delivered and receives a refund for each container that is returned within two years after the year of
delivery. When a container is not returned within the time limit, Concord accounts for the container as being sold at the deposit
amount and credits the account Container Sales Revenue. Information for 2023 is as follows:
Containers held by customers at December 31, 2022, from deliveries in: 2021
2022
Containers delivered in 2023
Containers returned in 2023 from deliveries in:
Account Titles and Explanation
(To record deposit from customers)
(To record refund of deposit)
(To record revenue)
Prepare all journal entries required for Concord for the returnable deposits during 2023. Use the account Deposits. (Credit
account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If
no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Debit
$177,200
418,700
2021 $118,000
2022
291,300
315,000
2023
$595,900
894,700
Credit
724,300
10000
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