Lois kay is an experienced baker. she has decided to bake and decorate her daughter's wedding cake instead of ordering one at the bakery. her decision to bake her daughter's cake herself was based on this knowledge and the joy of seeing her daughter's face as she first looks at the wedding cake made by her mother. kay's decision to produce the service herself was primarily guided by:

On june 3, teal company sold to chester company merchandise having a sale price of $2,600 with terms of 2/10, n/60, f. o.b. shipping point. an invoice totaling $91, terms n/30, was received by chester on june 8 from john booth transport service for the freight cost. on june 12, the company received a check for the balance due from chester company. prepare journal entries on the teal company books to record all the events noted above under each of the following bases. (1) sales and receivables are entered at gross selling price. (2) sales and receivables are entered at net of cash discounts.