05 Exercise 13-8 (Algo) Various transactions involving advance collections [LO13-3] 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 $14,000 from Bradley Farms toward the sale by Interstate of a $182,000 tractor to be delivered to Bradley on January 6, 2022. 2. During December, received $30,500 of refundable deposits relating to containers used to transport equipment parts. 3. During December, credit sales totaled $950,000. 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.) (For all requirements, if no entry is required for a transaction/event, select No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Event General Journal 1 1 Cash Debit Credit 7,500 Deferred revenue 7,500 2 2 Cash Liability-refundable deposits 25,500 25,500 3 3 Cash Sales revenue Sales taxes payable 856,000 800,000 56,000