keAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=D&inprogress-falseUpPierce Company sold to Stanton Company merchandise on account FOB shipping point, 2/10, net B0, for $600. Pierce prepaid the $40 shipping charge.Which of the following entries does Pierce make to record this sale?O Accounts Receivable-Stanton, debit $40; Sales, credit $40O Accounts Receivable-Stanton, debit $588; Sales, credit S588, and Accounts Receivable-Stanton, debit $40, Cash, credit S40Accounts Receivable-Stanton, debit $640; Sales, credit $640O Accounts Receivable-Stanton, debit $40: Sales, credit $40, and Transportation Out, debit S600, Cash, credit S600PreviousNext6:28 PMearch383/22/2021

Sale value=Merchandise value×100-2%=$600×98%=$588

Pierce Company sold to Stanton Company merchandise on account FOB shipping point, 2/10, net 30, for $600. Pierce prepaid the $40 shipping charge. Which of the following entries does Pierce make to record this sale? O Accounts Receivable-Stanton, debit $40; Sales, credit $40 Accounts Receivable-Stanton, debit $588; Sales, credit $588, and Accounts Receivable-Stanton, debit $40; Cash, credit $40 O Accounts Receivable-Stanton, debit $640; Sales, credit $640 O Accounts Receivable-Stanton, debit $40; Sales, credit $40, and Transportation Out, debit $600; Cash, credit $600

Pierce Company sold to Stanton Company merchandise on account FOB shipping point, 2/10, net 30, for $600. Pierce prepaid the $40 shipping charge. Which of the following entries does Pierce make to record this sale? O Accounts Receivable-Stanton, debit $40; Sales, credit $40 Accounts Receivable-Stanton, debit $588; Sales, credit $588, and Accounts Receivable-Stanton, debit $40; Cash, credit $40 O Accounts Receivable-Stanton, debit $640; Sales, credit $640 O Accounts Receivable-Stanton, debit $40; Sales, credit $40, and Transportation Out, debit $600; Cash, credit $600

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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