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 $$9,500$ from Bradley Farms toward the sale by Interstate of a $$123,500$ tractor to be delivered to

Bradley on January $6,2025.$

During December, received $$31,500$ of refundable deposits relating to containers used to transport equipment parts.

During December, credit sales totaled $$966,000.$ 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.$)$