Oswego Clay Pipe Company sold $45,40o0 of pipe to Southeast Water District #45 on April 12 of the current year with terms 3/15, n/60. Oswego uses the gross method of accounting for cash discounts. What entry would Oswego make on April 23, assuming the customer made the correct payment on that date? 21 Multiple Choice Cash Sales discounts 45,400 1,362 45,400 Accounts receivable Sales discounts forfeited 1,362 44,038 1,362 45,400 Cash Sales discounts Accounts receivable Cash 44,038 Sales 1,362 Accounts receivable 45,400 Cash 45,400 Accounts receivable 44,038 Sales 1,362

Oswego Clay Pipe Company sold $45,40o0 of pipe to Southeast Water District #45 on April 12 of the current year with terms 3/15, n/60. Oswego uses the gross method of accounting for cash discounts. What entry would Oswego make on April 23, assuming the customer made the correct payment on that date? 21 Multiple Choice Cash Sales discounts 45,400 1,362 45,400 Accounts receivable Sales discounts forfeited 1,362 44,038 1,362 45,400 Cash Sales discounts Accounts receivable Cash 44,038 Sales 1,362 Accounts receivable 45,400 Cash 45,400 Accounts receivable 44,038 Sales 1,362

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 54BE

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