Which of the following is true with regard to a market segment? A market segment consists of consumers who respond in a similar way to a given set of marketing efforts. Dividing the market into segments reduces composite demand. Dividing the market into segments decreases the efficiency of the selling process. A market segment consists of consumers with dissimilar needs and preferences. Very few markets have segments.

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.