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On June 1, 2010, Penny Corp. sold merchandise with a list price of $20,000 to...

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Accounting

On June 1, 2010, Penny Corp. sold merchandise with a list price of $20,000 to Linn on account. Penny allowed trade discounts of 30% and 20%. Credit terms were 2/15, n/40 and the sale was made f.o.b. shipping point. Penny prepaid $400 of delivery costs for Linn as an accommodation. On June 12, 2010, Penny received from Ison a remittance in full payment amounting to

a. $10,976.

b. $11,368.

c. $11,376.

d. $11,196.

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