Fob shipping point, Pierce Company sold to Stanton Company

Fob shipping point

Assignment Help Financial Accounting

Reference no: EM13916651

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?

Accounts Receivable-Stanton, debit $20,000; Sales, credit $20,000.

Accounts Receivable-Stanton, debit $19,600; Sales, credit $19,600, and

Accounts Receivable-Stanton, debit $500; Cash, credit $500.

Accounts Receivable-Stanton, debit $20,100; Sales, credit $20,100.

Accounts Receivable-Stanton, debit $20,000; Sales, credit $20,000, and

Delivery Expense, debit $500; Cash, credit $500.

Reference no: EM13916651

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