W-4 Employee's Withholding Allowance Certificats
2018
What is the purpose of the form seen here?
A)
It is used to report yearly income for people with no dependents.
B
It is used to report a person's gross pay and net pay for the previous
calendar year
It is used by the Federal government to assess how much you have paid in
income taxes
D
It is used by your employer to calculate the correct amount to withhold
from your pay in Federal taxes.

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.