The Following Selected Transactions Relate to Liabilities of Chicago Glass

question 93

Essay

The following selected transactions relate to liabilities of Chicago Glass Corporation (Chicago) for 2009. 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 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.

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Definitions:

Social Factors

Environmental influences that affect individual behavior and social interactions, including cultural, economic, and political circumstances.

Leadership Style

Refers to a leader's manner of providing direction, implementing plans, and motivating people.

Group Size

A factor affecting group dynamics, where the number of members can influence the group's behavior, effectiveness, cohesion, and individual contributions.

Shared Identity

The collective sense of belonging or oneness experienced by members of a group, which influences their behavior and attitudes.