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Problem - Refundable Deposits - Party Warehouse Inc. rents a wide variety of products (e.g., tables, chairs, tents) for special events. Upon rental, Party Warehouse requires a deposit which is forfeited if the equipment is not returned at the end of the rental period. Deposits charged are twice the cost of the equipment, and Party Warehouse keeps the equipment in its accounting records until deposits are forfeited. On April 5, a customer rented various products for an event to be held on April 8, and Party Warehouse collected a $10,000 deposit. The products were returned on April 10.
Required -
1. Prepare the entries to record the receipt of the deposit and refund of the deposit at the end of the rental period.
2. Assume that the customer only returns 90% of the equipment on April 10. Prepare the entries to record the forfeiture of the deposit.
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