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TB Problem 13-132 (Algo) The following selected transactions relate to... The following selected transactions relate to liabilities of Chicago Glass Corporation for 2024. Chicago's fiscal
TB Problem 13-132 (Algo) The following selected transactions relate to... The following selected transactions relate to liabilities of Chicago Glass Corporation for 2024. Chicago's fiscal year ends on December 31. 1. On January 15 , Chicago received $8,000 from Henry Construction toward the purchase of $76,000 of plate glass to be delivered on February 6. 2. On February 3, Chicago received $7,700 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 $800,000. The state sales tax rate is 4% and the local sales tax rate is 2%. Required: Prepare journal entries for the above transactions. Note: 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 $8,000 from Henry Construction toward the purchase of $76,000 of plate glass to be delivered on February 6. Note: Enter debits before credits. Journal entry worksheet On February 3, Chicago received $7,700 of refundable deposits relating to containers used to transport glass components. Note: Enter debits before credits. Journal entry worksheet On February 6, Chicago delivered the plate glass to Henry Construction and received the balance of the purchase price. Note: Enter debits before credits. Journal entry worksheet 1 First quarter credit sales totaled $800,000. The state sales tax rate is 4% and the local sales tax rate is 2%. Note: Enter debits before credits
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