The following selected transactions relate to liabilities of Interstate Farm Implements for December of 2016. Interstates fiscal year ends on December 31.

Required:

Prepare the appropriate journal entries for these transactions.

1.

During December, credit sales totaled $942,000. The state sales tax rate is 5% and the local sales tax rate is 2%.

Note: Enter debits before credits.

On December 15, received $13,000 from Bradley Farms toward the purchase of a $169,000 tractor to be delivered on January 6, 2017. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

On December 15, received $13,000 from Bradley Farms toward the purchase of a $169,000 tractor to be delivered on January 6, 2017.

Note: Enter debits before credits.

2.	During December, received $36,000 of refundable deposits relating to containers used to transport equipment parts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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

Note: Enter debits before credits.

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.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)