Ibm manager celia moore coordinates ibm's long-standing "reinventing education" program that involves intensive research into how educational institutions can use the fruits of new technologies to transform what they do. in the process, the program is actually to shape a market of significant interest to ibm. "we see the program very much as an investment, rather than handing out money," says moore. the existence of this program indicates that ibm has a(n) orientation.

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.