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 $$8,000$ from Bradley Farms toward the sale by Interstate of a $$104,000$ tractor to be delivered to Bradley on January $6,2025.$

During December, received $$37,000$ of refundable deposits relating to containers used to transport equipment parts.

During December, credit sales totaled $$916,000.$ 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.

Journal entry worksheet

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$3$

On December $15,$ received $$8,000$ from Bradley Farms toward the sale by Interstate of a $$104,000$ tractor to be delivered to Bradley on January $6,2025.$

Note: Enter debits before credits.