Chapter 13 - Test Bank 174 - to transport glass components...

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118. The following selected transactions relate to liabilities of Chicago Glass Corporation for 2013. Chicago's fiscal year ends on December 31. 1. On January 15, Chicago received $7,000 from Henry Construction toward 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
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Unformatted text preview: 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 the above transactions. AACSB: Analytic AICPA FN: Measurement...
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