Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District #45 on April...
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Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District #45 on April 12 of the current year with terms 1/15, n/60. Oswego uses the gross method of accounting for sales discounts.
What entry would Oswego make on June 10, assuming the customer made the correct payment on that date?
QUESTION 10 Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District #45 on April 12 of the current year with terms 1/15, n/60. Oswego uses the gross method of accounting for sales discounts. What entry would Oswego make on June 10, assuming the customer made the correct payment on that date? Cash 46,000 Accounts receivable 45,540 Discounts receivable 460 Cash 46,000 Accounts receivable 45,540 Sales discounts forfeited 460 Cash 46,000 Accounts receivable 46,000 Cash 46,460 Accounts receivable 46,000 Sales discounts forfeited 460
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