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 2024. Interstate's fisc year ends on December 31. Required: Prepare the appropriate journal entries for these transactions. 1. On December 15, received $12,000 from Bradley Farms toward the sale by Interstate of a $156,000 tractor to be delivered to Bradley on January 6, 2025. 2. During December, received $32,000 of refundable deposits relating to containers used to transport equipment parts. 3. During December, credit sales totaled $888,000. 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. View transaction list Journal entry worksheet 1 2 3 On December 15, received $12,000 from Bradley Farms toward the sale by Interstate of a $156,000 tractor to be delivered to Bradley on January 6, 2025. Note: Enter debits before credits, Event General Journal Debit Credit < Prev 3 of 6 Next >