Pierce Company sold to Stanton Company merchandise on account FOB shipping point, 2/10, net 30, for $20,000. Pierce prepaid the $500 shipping charge. Which of the following entries doesPierce make to record this sale?O Accounts Receivable-Stanton, debit $20,000; Sales, credit $20,000O Accounts Receivable-Stanton, debit $19,600; Sales, credit $19,600, andAccounts Receivable-Stanton, debit $500; Cash, credit $500O Accounts Receivable-Stanton, debit $20,100; Sales, credit $20,100O Accounts Receivable-Stanton, debit $20,000; Sales, credit $20,000, andDelivery Expense, debit $500; Cash, credit $500

A Journal entry is a primary entry that records the financial transactions initially. The…

Pierce Company sold to Stanton Company merchandise on account FOB shipping point, 2/10, net 30, for $20,000. Pierce prepaid the $500 shipping charge. Which of the following entries does Pierce make to record this sale?

Pierce Company sold to Stanton Company merchandise on account FOB shipping point, 2/10, net 30, for $20,000. Pierce prepaid the $500 shipping charge. Which of the following entries does Pierce make to record this sale?

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...

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Question

Pierce Company sold to Stanton Company merchandise on account FOB shipping point, 2/10, net 30, for $20,000. Pierce prepaid the $500 shipping charge. Which of the following entries does
Pierce make to record this sale?
O Accounts Receivable-Stanton, debit $20,000; Sales, credit $20,000
O Accounts Receivable-Stanton, debit $19,600; Sales, credit $19,600, and
Accounts Receivable-Stanton, debit $500; Cash, credit $500
O Accounts Receivable-Stanton, debit $20,100; Sales, credit $20,100
O Accounts Receivable-Stanton, debit $20,000; Sales, credit $20,000, and
Delivery Expense, debit $500; Cash, credit $500

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