Exercise $13-8($Algo$)$ Various transactions involving advance collections $[$LO$13-3]$

The following selected transactions relate to liabilities of Interstate Farm Equipment Company for December $2024.$ Interstate's fiscal year ends on December $31.$

Required:

Prepare the appropriate journal entries for these transactions.

$1.$ On December $15,$ received $\backslash (\backslash$$ $10,000\backslash )$ from Bradley Farms toward the sale by Interstate of a $\backslash (\backslash$$ $130,000\backslash )$ tractor to be delivered to Bradley on January $6,2025.$

$2.$ During December, received $\backslash (\backslash$$ $33,000\backslash )$ of refundable deposits relating to containers used to transport equipment parts.

$3.$ During December, credit sales totaled $\backslash (\backslash$$ $864,000\backslash ).$ The state sales tax rate is $\backslash (5\backslash \%\backslash )$ and the local sales tax rate is $\backslash (2\backslash \%\backslash ).($This is a summary journal entry for the many individual sales transactions for the period.$)$

Note: For all requirements, if no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

$1$ On December $15,$ received $\backslash$$$10,000$ from Bradley Farms toward the sale by Interstate of a $\backslash$$$130,000$ tractor to be delivered to Bradley on January $6,2025.$

$2$ During December, received $\backslash (\backslash$$ $33,000\backslash )$ of refundable deposits relating to containers used to transport equipment parts.

$3$ During December, credit sales totaled $\backslash$$$864,000.$ The state sales tax rate is $\backslash (5\backslash \%\backslash )$ and the local sales tax rate is $2\backslash \%.$

Note : $\backslash (=\backslash )$ journal entry has been entered