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

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