The following selected transactions were completed by green lawn supplies co., which sells irrigation supplies primarily to wholesalers and occasionally to retail customers: july 1. sold merchandise on account to landscapes co., $15,400, terms fob shipping point, n/eom. the cost of merchandise sold was $9,200. 2. sold merchandise for $26,500 plus 5% sales tax to retail cash customers. the cost of merchandise sold was $17,200. 5. sold merchandise on account to peacock company, $37,900, terms fob destination, 2/10, n/30. the cost of merchandise sold was $24,600. 8. sold merchandise for $11,100 plus 7% sales tax to retail customjournalize the entries to record the transactions of green lawn supplies co. refer to the chart of accounts for exact wording of account titles.

Consider the market for gasoline. suppose that, in a competitive market without government regulations, the equilibrium price of gasoline is $3.00 per gallon, and employees at gas stations earn $17.50 per hour. complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it results in a shortage or a surplus or has no effect on the price and quantity that prevail in the market. statement price control effect the government has instituted a legal minimum price of $3.40 per gallon for gasoline. the government prohibits gas stations from selling gasoline for more than $3.40 per gallon. due to new regulations, gas stations that would like to pay better wages in order to hire more workers are prohibited from paying more than $14.50 per hour.