Sayid is entering the purchase of a new truck for the company. he starts the transaction; selects the correct account; and enters the date, vendor, and amount before realizing that he did not first create the fixed asset item for the new truck. does sayid have to cancel the transaction and start over? a) yes; he must cancel, create the item, and start again. b) yes; he must cancel and start again, but if he enters the item first, he can create it before completing the rest of the transaction. c) no; he can just leave the fixed asset item space blank. d) no; he can create the fixed asset item while entering the transaction.
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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.
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Sayid is entering the purchase of a new truck for the company. he starts the transaction; selects t...
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