Instead of conducting laboratory experiments to generate data to test their theories, economists often a. gather data from historical episodes of economic change. b. argue that data is impossible to collect in economics. c. assume that data would support their theories. d. ask winners of the Nobel Prize in Economics to evaluate their theories

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.