1)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. Which of the following represents one of the journal entries Oswego would make on April 12?

1)Debit accounts receivable, $45,540

2)Credit sales, $45,540

3)Debit accounts receivable, $46,000

4)Credit sales discounts, $460

2)On November 10 of the current year, Cherokee Industries sold materials to a customer for $8,000 with credit terms 2/10, n/30. Cherokee uses the net method of accounting for sales discounts. Which of the following represents one of the journal entries Cherokee would make on November 10?

1)Debit sales discounts, $160

2)Debit accounts receivable, $8,000

3)Credit sales, $7,840

4)Debit accounts receivable, $160

3)Gershwin Wallcovering Inc. shipped the wrong shade of paint to a customer. The customer agreed to keep the paint upon being offered a 15% price reduction. Gershwin would record this reduction by debiting sales returns and crediting:

1)Allowance for uncollectible accounts.

2)Sales discounts.

3)Accounts receivable.

4)Sales.