An individual taxpayer's tax return included the following: Regular tax before tax credits $5,000 Current-year estimated tax payments 6,000 Amount paid with current-year extension 1,000 Federal income tax withheld 1,000 What amount, if any, is the taxpayer's overpayment

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.