The following selected transactions relate to liabilities of Chicago Glass Corporation for 2021. Chicago's fiscal year ends on December 31. 1. On January 15, Chicago received $6,300 from Henry Construction toward the purchase of $59,000 of plate glass to be delivered on February 6. 2. On February 3, Chicago received $6,000 of refundable deposits relating to containers used to transport glass components. 3. On February 6, Chicago delivered the plate glass to Henry Construction and received the balance of the purchase price. 4. First quarter credit sales totaled $630,000. The state sales tax rate is 4% and the local sales tax rate is 2%. Required: Prepare journal entries for the above transactions. (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 4 On January 15, Chicago received $6,300 from Henry Construction toward the purchase of $59,000 of plate glass to be delivered on February 6. Note: Enter deuts before credits.

The following selected transactions relate to liabilities of Chicago Glass Corporation for 2021. Chicago's fiscal year ends on December 31. 1. On January 15, Chicago received $6,300 from Henry Construction toward the purchase of $59,000 of plate glass to be delivered on February 6. 2. On February 3, Chicago received $6,000 of refundable deposits relating to containers used to transport glass components. 3. On February 6, Chicago delivered the plate glass to Henry Construction and received the balance of the purchase price. 4. First quarter credit sales totaled $630,000. The state sales tax rate is 4% and the local sales tax rate is 2%. Required: Prepare journal entries for the above transactions. (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 4 On January 15, Chicago received $6,300 from Henry Construction toward the purchase of $59,000 of plate glass to be delivered on February 6. Note: Enter deuts before credits.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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