Colinda has just purchased her first home for $125,000. she put down a 20 percent down payment of $25,000 and took out a 4 percent mortgage for the rest. her mortgage payment is $577 per month. how much of her first monthly mortgage payment is amortization?

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.