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.

On December $15,$ received $$11,500$ from Bradley Farms toward the sale by Interstate of a $$149,500$ tractor to be delivered to Bradley on January $6,2025.$

During December, received $$42,000$ of refundable deposits relating to containers used to transport equipment parts.

During December, credit sales totaled $$836,000.$ 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.$)$

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