The following selected transactions relate to Chicago Glass Corporation's liabilities for 2016. Chicago's fiscal year ends December 31.

1.	On January 15, Chicago received $7,600 from Henry Construction to purchase $72,000 of glass plates for delivery on February 6.
2.	On February 3, Chicago received $7,300 in refundable deposits related to containers used to transport glass components.
3.	On February 6, Chicago delivered the glass plate to Henry Construction and received the balance of the purchase price.
4.	First quarter credit sales totaled $760,000. The state sales tax rate is 4% and the local sales tax rate is 2%.

Required:

Prepare journal entries for the above transactions.

Answer rating: 100% (QA)

cash 7600 nearned revenue 7600 cash 7300 refundable deposist 7300 ... View the full answer