Acharacteristic of a natural monopoly is that a. adding businesses in competition would increase cost to the consumer. b. the firm is supported by the consumer and voted into existence by the voters. c. there's no government intervention in the market. d. the firm is dedicated to the use of natural resources.

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.