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 $14,500 from Bradley Farms toward the sale by Interstate of a $188,500 tractor to be delivered to Bradley on January 6, 2022. 2. During December, received $37,500 of refundable deposits relating to containers used to transport equipment parts. 3. During December, credit sales totaled $900,000. The state sales tax rate is 5% and the local sales tax rate is 2%.
