P13-2 (L01,3) EXCEL (iability Entries and Adjustments) Listed below are selected transactions of Schultz Department 1. On December 5, the store received $500 from the Selig Players as a deposit to be returned after certain furniture to be used 2 During December, ash sales totaled $798,000, which includes the 5% sales tax that must be remitted to the state by the 3. On December 10, the store purchased for cash three delivery trucks for $120,000. The trucks were purchased in a state that 4. The store determined it will cost $100,000 to restore the area (considered a land improvement) surrounding one of its store Store for the current year ending December 31. in stage production was returned on January 15 fifteenth day of the following month applies a 5% sales tax. parking lots, when the store is closed in 2 years. Schultz estimates the fair value of the obligation at December 31 is $84 Instructions entries r relative to the transactions that would be required to present fair financial statements at December 31. Date each entry. For sim- plicity, assume that adjusting entries are recorded only once a year on December 31