The following transactions relate to liabilities of Chicago glass corporation for 2013. Chicagos fiscal year ends on December 31.

1. On January 15, Chicago received $7,000 from Henry construction towards the purchase of $66,000 of plate glass to be delivered on February 6.

2. On February 3, Chicago received $6,700 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 $700,000. The state sales tax rate is 4% and the local sales tax rate is 2%.

Required

Prepare journal entries for above transactions