Answered Essay: Whispering Winds Corp. follows IFRS and sells its products in expensive, reusable containers that can be tracked. Th

Whispering Winds 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, Whispering Winds accounts for the container as being sold at the deposit amount and credits the account Container Sales Revenue. Information for 2017 is as follows:

Containers held by customers at December 31, 2016, from deliveries in: 2015 $170,800

2016 406,600 Total = $577,400

Containers delivered in 2017 892,900

Containers returned in 2017 from deliveries in:    2015 $119,000

2016 302,400

2017 316,600 Total = 738,000

Prepare all journal entries required for Whispering Winds Corp, for the returnable deposits during 2017

A) record deposit from customer

B) record refund of deposit to customer

C) record deposit amount for containers not returned

Expert Answer

 

All journal entries required for Whispering Winds Corp, for the returnable deposits during 2017 are as hsown below:

Date Description Post ref. Debit Credit
(A) Cash 892,900
Advance for Container Deposit 892,900
(for record container deposit from customers)
(B) Advance for Container Deposit 738,000
Cash 738,000
(For refund to customers for returned containers)
2015 = 119,000
2016 = 302,400
2017 = 316,600
(C) Advance for Container Deposit 51,800
Container Sales Revenue 51,800
(For deposit credit to sales revenue for 2015 container sales)
(170,800-119,000)

Note: Containers sold in 2016 will be converted into Sales revenue after 2018 year end.

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