On december 31, 2016, krug company prepared adjusting entries that included the following items: depreciation expense: $31,000. accrued sales revenue: $29,000. accrued expenses: $12,000. used insurance: $9,000; the insurance was initially recorded as prepaid. rent revenue earned: $7,000; the rent was initially prepaid by the tenant and credited to unearned rent revenue. if krug company reported stockholders' equity of $280,000 prior to the adjusting entries, how much is krug's stockholders' equity after the adjusting entries? $280,000. $262,000. $295,000. $264,000.

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.