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Prepare the appropriate journal entries for transactions

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Question - The following selected transactions relate to liabilities of Interstate Farm Equipment Company for December 2021. Interstate's fiscal year ends on December 31.

Required - Prepare the appropriate journal entries for these transactions.

1. On December 15, received $13,000 from Bradley Farms toward the sale by Interstate of a $169,000 tractor to be delivered to Bradley on January 6, 2022.

2. During December, received $36,000 of refundable deposits relating to containers used to transport equipment parts.

3. During December, credit sales totaled $942,000. 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: EM132680773

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