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The following selected transactions relate to liabilities

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The following selected transactions relate to liabilities of Interstate Farm Implements for December of 2011. Interstate's fiscal year ends on December 31.

Required:

Prepare the appropriate journal entries for these transactions.

1. On December 15, received $7,500 from Bradley Farms toward the purchase of a $98,000 tractor to be delivered on January 6, 2012.

2. During December, received $25,500 of refundable deposits relating to containers used to transport equipment parts.

3. During December, credit sales totaled $800,000. 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.) 

Reference no: EM13995099

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