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?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Presented below are transactions related to Crane, Inc. May 10 (a) Purchased goods billed at $15,800 subject to cash discount terms of 2/10, r/60. Purchased goods billed at $13,800 subject to terms of 1/15, n/30. Paid invoice of May 10. Purchased goods billed at $10,300 subject to cash discount terms of 2/10, r/30. Your answer is partially correct. Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Accounts Payable Inventory Accounts Payable Debit 15800 13800 Credit 10
Travis Company purchased merchandise on account from a supplier for $14,000, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period. Under a perpetual inventory system, journalize these transactions. If an amount box does not require an entry, leave it blank. a. b.
Sather Co. sold merchandise to Boone Co. on account, $31,800, terms 2/15, n/30. The cost of the merchandise sold is $19,000. Journalize the entries for Sather Co. and Boone Co. for the sale, purchase, and payment of amount due. Assume all discounts are taken.
On March 1, Sally Co. sold merchandise to Buck Co. on account, $58,900, terms 2/15, n/30. The cost of the merchandise sold is $35,200. The merchandise was paid for on March 14. Assume all discounts are taken. Required: Journalize the entries for Sally Co. and Buck Co. for the sale, purchase, and payment of amount due. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Provide correct answer
Transactions for Buyer and Seller Wilmington Co. sold merchandise to Angelleti Co. on account, $158,800, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $95,280. Wilmington Co. paid freight of $2.700. Assume that all discounts are taken, Journalize Wilmington Co.'s entries for the (a) sale, (b) purchase, and (c) payment of amount due. If an amount box does not require an entry, leave it blank. (a) Accounts Receivable-Angelleti Co. 155,624 V Sales 155,624 Cost of Merchandise Sold 95,280 V Merchandise Inventory 95,280 (b) Accounts Receivable-Angelleti Co. Cash (c) Cash Accounts Receivable-Angelleti Co. V Feedback Check My Work Note who the buyer is and who the seller is. The payment is less returns and discounts, and discounts are not taken on returns. If applicable, determine whether the buyer or seller is to pay any freight. Journalize Angelleti Co.'s entries for (a) sale, and (b) payment of amount due. If an amount box does not require an entry, leave it…
a. Sampson Co. sold merchandise to Batson Co. on account, $35,200, terms 2/15, n/45. b. The cost of the goods sold is $26,400. c. The Batson Co. paid the invoice within the discount period. Assume that both Sampson and Batson use a perpetual inventory system and that Sampson Co. uses the net method of recording sales discounts. If no entry is required, select "No entry required" and leave the amount boxes blank. Journalize the entries that Sampson Company would record for the information above. If an amount box does not require an entry, leave it blank. a. b. C. Journalize the entries that Batson Company would record for the information above. If an amount box does not require an entry, leave it blank. a. b. C.
Entity J sold merchandise to Entity X on account, P23,000, terms 3/15, net 45. The cost of the merchandise sold is P18,500. Entity J issued a credit memorandum for P2,500 for merchandise returned that originally cost P1,900. Entity X paid the invoice within the discount period. What is the amount of net sales from the above transaction? A. 20,090 B. 20,467 О с. 19,885 O D. 16,102
. EX.06.204.ALGO Sampson Co. sold merchandise to Batson Co. on account, $28,500, terms 2/15, net 45. The cost of the merchandise sold is $21,375. Batson Co. paid the invoice within the discount period. Assume both Sampson and Batson use a perpetual inventory system. Journalize these transactions for Sampson Co. If an amount box does not require an entry, leave it blank. a. fill in the blank 9d2beefcd029043_2 fill in the blank 9d2beefcd029043_3 fill in the blank 9d2beefcd029043_5 fill in the blank 9d2beefcd029043_6 b. fill in the blank 9d2beefcd029043_8 fill in the blank 9d2beefcd029043_9 fill in the blank 9d2beefcd029043_11 fill in the blank 9d2beefcd029043_12 c. fill in the blank 9d2beefcd029043_14 fill in the blank 9d2beefcd029043_15 fill in the blank 9d2beefcd029043_17 fill in the blank 9d2beefcd029043_18 Journalize these transactions for Batson Co. If an amount box does not require an entry, leave it blank. a. and b.…
Abbey Co. sold merchandise to Gomez Co. on account, $29,800, terms 2/15, net 45. The cost of the goods sold was $15,731. Abbey Co, issued a credit memo for $3,600 for merchandise returned that originally cost $1,484. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? O s11,429 O $14,957 O $14.247 O $3,600 Previous Next 6:26 PM 38 3/22/2021
please answer all with working
Merchandise with a list price of $3,900 and costing $2,000 is sold to a customer (MJ Co.) on account, subject to the following terms: 2/10, n/30. The seller (Stone Co.) prepays the transportation costs of $50, shipping terms are FOB Destination. The correct payment amount is received from the buyer within the discount period. Record the foregoing transactions of the SELLER (Stone Co.) in the sequence indicated below (omit the 4th journalizing step of providing an explanation): (a) Sold the merchandise, recognizing the sale and cost of merchandise sold. (b) Paid the $50 transportation charges. (c) Received payment from the customer. Record the foregoing transactions of the BUYER (MJ Co.) in the sequence indicated below (omit the 4th journalizing step of providing an explanation): (d) Bought the merchandise. (e) Sent payment to the vendor. JOURNAL Date Post.…