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 ofaccounting for sales discounts.What entry would Oswego make on April 18, assuming the customer made the correct payment on that date?Account TitleDebitCreditCashSales45,540460Accounts receivable46,000Account TitleDebitCreditCash46,000Accounts receivableSales45,540460Account TitleDebitCreditCash45,540Sales discounts460Accounts receivable46,000Account TitleDebitCreditCash46,000Sales discounts460Accounts receivable46,000Sales discounts forfeited460

The objective of the question is to determine the correct journal entry that Oswego Clay Pipe…

Answered: Oswego Clay Pipe Company sold $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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Nkome Traders, owner T Nkome, is a registered VAT vendor. The VAT rate applicable is 15%. Transactions: 20.3 February 3 Received and invoice (re-numbered to 20.3/105) from Bapela Wholesalers for merchandise purchased on credit for R18 975. 5 Some of the items to the value of R1 265 on invoice number 20.3/105 was not received. Issued a debit note for the amount. Bapela Wholesalers granted the claim and issued a credit note for the amount claimed. 10 Bought stationery, R1 035, from Big Stationers and received their invoice. 12 Received an invoice from Electronics Traders for the purchase of a new printer for R3 680. 17 Bought merchandise to the value of R21 965 from Bangani Wholesalers and received their invoice. Complete the given Purchases journal and Purchases returns journal for February 20.3.
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