Prepare journal entries for the following transactions: The following selected transactions relate to liabilities of Chicago...

Prepare journal entries for the following transactions:

The following selected transactions relate to liabilities of Chicago Glass Corporation for 2018. 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%.

5. On March 3rd, the $6700 deposit was refunded. However, $1000 deposit was forfeited with the cost of containers at $800.

6. On November 1, 2018, Chicago issued a $216,000, 9-month, noninterest-bearing note to borrow money from Bank B. The implied discount rate is 10% . Prepare journal entry to record the issuance of the note.

7. Prepare the appropriate journal entry on December 31of this year to record accrued interest on the note.

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