Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District #45 onApril 12 of the current year with terms 1/15, n/60. Oswego uses the gross method ofaccounting for sales discounts.What entry would Oswego make on June 10, assuming the customer made the correctpayment on that date?Multiple ChoiceCashAccounts receivableDiscounts receivableCashAccounts receivableSales discounts forfeitedCashAccounts receivableCashAccounts receivableSales discounts forfeited< Prev2 of 23***www46,00046,00046,00046, 46045, 54046045, 54046046,00046,000460Next >

Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District #45 o 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 corre payment on that date? Multiple Choice Cash Accounts receivable Discounts receivable Cash Accounts receivable Sales discounts forfeited Cash Accounts receivable 46,000 46,000 46,000 45, 540 460 45, 540 460 46,000

Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District #45 o 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 corre payment on that date? Multiple Choice Cash Accounts receivable Discounts receivable Cash Accounts receivable Sales discounts forfeited Cash Accounts receivable 46,000 46,000 46,000 45, 540 460 45, 540 460 46,000

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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Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District 45 on April 12 of the current year with terms 1/10,n/30. Oswego uses the gross method of accounting for sales discounts. What entry would Oswego make on April 18, assuming the customer made the correct payment on that date? Account Title Debit Credit Cash Sales 45,540 460 Accounts receivable 46,000 Account Title Debit Credit Cash 46,000 Accounts receivable Sales 45,540 460 Account Title Debit Credit Cash 45,540 Sales discounts 460 Accounts receivable 46,000 Account Title Debit Credit Cash 46,000 Sales discounts 460 Accounts receivable 46,000 Sales discounts forfeited 460
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