ignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator3&inprogress%=falseParaphraXBLOG 31 X +Pierce Company sold mnerchandise to Stanton Company on account FOB shipping point, 2/10, net 30, for $10,800. Pierce prepaid the $215 shipping charge. Which of the followingentries does Pierce make to record this sale?a. Accounts Receivable-Stanton, debit $10,584; Sales, credit $10,584, and Accounts Receivable-Stanton, debit $215; Cash, credit $215Ob. Accounts Receivable-Stanton, debit $10,800; Sales, credit $10,800, and Delivery Expense, debit $215; Cash, credit $215Oc. Accounts Receivable-Stanton, debit $10,800; Sales, credit $10,800Od. Accounts Receivable-Stanton, debit $11,015; Sales, credit $11,015NexPreviousSubmit Test for CEmail InstructorAll work saved.64"F へ回目急后99+

Under the FOB shipping point, shipping charges are borne by the buyer. So if Pierce paid the…

Answered: Pierce Company sold merchandise to…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

Section: Chapter Questions

Problem 4.1P: Purchase-related transactions The following selected transactions were completed by Epic Co. during...

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Purchase-related transactions The following selected transactions were completed by Epic Co. during August of the curr ent year: Aug. 3. Purchased merchandise on account for $33400, terms FOB destination. 2/10. n/30. 9. Issued debit memorandum for $2500 ($2450 net of 2% discount) for merchandise from the August 3 purchase that was damaged in shipment. 10. Purchased merchandise on account, $25,000, terms FOB shipping point, n/com. Paid $600 cash to the freight company for delivery of the merchandise. 13. Paid for invoice of August 3, less debit memorandum of August 9 31. Paid for invoice of August 10. Instructions Illustrate the effects of each of the preceding transactions on the accounts and financial statements of Epic Co. Identify each transaction by date.

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