The following selected transactions relate to liabilities of Hollywood Glass Corporation for 2024. Hollywood's fiscal...
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Accounting
The following selected transactions relate to liabilities of Hollywood Glass Corporation for 2024. Hollywood's fiscal year ends on December 31. 1.On January 15 , Hollywood received $25,000 from Geoffrey Construction toward the purchase of $75,000 of plate glass to be delivered on February 6 . 2.On February 3 , Hollywood received $17,000 of refundable deposits relating to containers used to transport glass components. Deposits are forfeited in not returned in 6 months. 3.On February 6, Hollywood delivered the plate glass to Geoffrey Construction and received the balance of the purchase price. 4. On August 1, the company determined that 70% of the refundable deposits were returned within 6 months. The remainder are forfeited. Required: Prepare journal entries for the above transactions. 20 points
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