Q8

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 $7,900 from Henry Construction toward the purchase of $75,000 of plate glass to be delivered on February 6. 2. On February 3, Chicago received $7,600 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 $790,000. 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.) Journal entry worksheet On January 15, Chicago received $7,900 from Henry Construction toward the purchase of $75,000 of plate glass to be delivered on February 6 . Note: Enter debits before credits