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pany merchandise on account FOB shipping point, 1/10, net 30, for $300. Pierce prepaid the $50 shipping charge. Which Oa. Accounts Receivable-Stanton, debit $50, Sales, credit $50 Ob. Accounts Receivable-Stanton, debit $297, Sales, credit $297, and Accounts Receivable-Stanton, debit $50: Cash, credit $50 Oc. Accounts Receivable-Stanton, debit $350, Sales, credit $350 Od. Accounts Receivable-Stanton, debit $50: Sales credit $50 and To

pany merchandise on account FOB shipping point, 1/10, net 30, for $300. Pierce prepaid the $50 shipping charge. Which Oa. Accounts Receivable-Stanton, debit $50, Sales, credit $50 Ob. Accounts Receivable-Stanton, debit $297, Sales, credit $297, and Accounts Receivable-Stanton, debit $50: Cash, credit $50 Oc. Accounts Receivable-Stanton, debit $350, Sales, credit $350 Od. Accounts Receivable-Stanton, debit $50: Sales credit $50 and To

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Pierce Company sold to Stanton Company merchandise on account FOB shipping point, 1/10, net 30, for $300. Pierce prepaid the $50 shipping charge. Which of the following entries does Pierce make to record this sale? Oa. Accounts Receivable-Stanton, debit $50, Sales, credit $50 Ob. Accounts Receivable-Stanton, debit $297, Sales, credit $297, and Accounts Receivable-Stanton, debit $50; Cash, credit $50 Oc. Accounts Receivable-Stanton, debit $350; Sales, credit $350 Od. Accounts Receivable-Stanton, debit $50; Sales, credit $50, and Transportation Out, debit $300; Cash, credit $300
Transcribed Image Text:Pierce Company sold to Stanton Company merchandise on account FOB shipping point, 1/10, net 30, for $300. Pierce prepaid the $50 shipping charge. Which of the following entries does Pierce make to record this sale? Oa. Accounts Receivable-Stanton, debit $50, Sales, credit $50 Ob. Accounts Receivable-Stanton, debit $297, Sales, credit $297, and Accounts Receivable-Stanton, debit $50; Cash, credit $50 Oc. Accounts Receivable-Stanton, debit $350; Sales, credit $350 Od. Accounts Receivable-Stanton, debit $50; Sales, credit $50, and Transportation Out, debit $300; Cash, credit $300
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