3) A utility deposit of $200 is required by the electric company. The deposit is made...

3)

A utility deposit of $200 is required by the electric company.

The deposit is made on March 3, 2009 and record the general journal entry for both

the electric company and the customer.

A $100.00 of the deposit is used to pay the bill and the other

$100 is refunded on November 2, 2009. Record the general journal entry for both the electric

company and the customer.

(check figure: 11/2/2009 entry to Accounts Receivable = $100.00 credit)

Expert Solution

3)

A utility deposit of $200 is required by the electric company.

The deposit is made on March 3, 2009 and record the general journal entry for both

the electric company and the customer.


Customer Account
	Dr	Cr
Utilities Deposit	$ 200.00
Cash		$ 200.00

Electric company
Cash	200
Utilities Deposit payable		$ 200.00

A $100.00 of the deposit is used to pay the bill and the other

$100 is refunded on November 2, 2009. Record the general journal entry for both the electric

company and the customer.

Customer Account
	Dr	Cr
Utilities Bill Payable	$ 100.00
Cash	$ 100.00
Utilities Deposit		$ 200.00


Electric company
Utilities Deposit payable	$ 200.00
Accounts Receivable		$ 100.00
Cash		$ 100.00

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