Cash44,649Sales451Accounts receivable45, 100Cash45, 100Sales discounts451Accounts receivable45, 100Sales discounts forfeited451Cash45,100Accounts receivable44,649Sales451Next維茶 Oswego Clay Pipe Company sold $45,100 of pipe to Southeast Water District #45 on April 12 of the current year with terms 1/15, n/60, Oswegouses the gross method of accounting for sales discounts.What entry would Oswego make on April 23, assuming the customer made the correct payment on that date?Multiple ChoiceCash44, 649Sales discounts451Accounts receivable45, 100Cash44, 649Sales45145, 100Accounts receivable< Prev40 of 15Next >

Sales discount = Sales amount x discount rate = $45100 x 1% = $451

Oswego Clay Pipe Company sold $45,100 of pipe to Southeast Water District # 45 on April 12 of the current year with terms 1/15, n/6O. Oswego uses the gross method of accounting for sales discounts. What entry would Oswego make on April 23, assuming the customer made the correct payment on that date? Multiple Choice Cash Sales discounts 44,649 451 45, 100 Accounts receivable Cash 44,649 Sales 451 Accounts receivable 45, 100

Oswego Clay Pipe Company sold $45,100 of pipe to Southeast Water District # 45 on April 12 of the current year with terms 1/15, n/6O. Oswego uses the gross method of accounting for sales discounts. What entry would Oswego make on April 23, assuming the customer made the correct payment on that date? Multiple Choice Cash Sales discounts 44,649 451 45, 100 Accounts receivable Cash 44,649 Sales 451 Accounts receivable 45, 100

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 63E

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