During december received 35000 of refundable deposits

Assignment Help Accounting Basics

Reference no: EM13572644

The following selected transactions relate to liabilities of Interstate Farm Implements for December of 2013. Interstate's fiscal year ends on December 31.

Required:

Prepare the appropriate journal entries for these transactions.

1.	On December 15, received $16,000 from Bradley Farms toward the purchase of a $208,000 tractor to be delivered on January 6, 2014. (If no entry is required for an event, select "No journal entry required" in the first account field.)

Event	General Journal	Debit	Credit
1	Cash
	Liability - Customer advance

During December, received $35,000 of refundable deposits relating to containers used to transport equipment parts. (If no entry is required for an event, select "No journal entry required" in the first account field.)

Event	General Journal	Debit	Credit
1	Cash
	Liability - Refundable deposits

During December, credit sales totaled $878,000. The state sales tax rate is 5% and the local sales tax rate is 2%. (This is a summary journal entry for the many individual sales transactions for the period.) (If no entry is required for an event, select "No journal entry required" in the first account field.)

Event	General Journal	Debit	Credit
1	Accounts receivable
	Sales taxes payable

Reference no: EM13572644

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