Answered step by step
Verified Expert Solution
Question
1 Approved Answer
8.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
8.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 cash discounts. What entry would Oswego make on June 10, assuming the customer made the correct payment on that date? A. Cash 46,000 Accounts Receivable 45,540 Discounts Receivable 460 B. Cash 46,000 Accounts Receivable 45,540 Interest Revenue 460 Accounts Receivable 46,000 Accounts Receivable 46,000 C.)Cash 46,000 did not pay within 10 days so pay in full D. Cash 46,460 Interest Revenue 460
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started