Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need to explain the answer.. thankyou in advance! 5) Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District #45 on April

I need to explain the answer..
thankyou in advance! image text in transcribed
5) 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 April 23, assuming the customer made the correct payment on that date? A) Cash 45,540 Sales discounts 460 Accounts receivable 46,000 B) Cash 46,000 Accounts receivable 45,540 Sales 460 C) Cash 46,000 460 Sales discounts Accounts receivable 46,000 460 Sales discounts forfeited D) Cash 45,540 Sales 460 Accounts receivable 46,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

A Simplify Way Of Practicalise Auditing Profession

Authors: DR LUKMAN A ABATAN

1st Edition

B09YVKHT6X, 979-8800165050

More Books

Students also viewed these Accounting questions

Question

How might faithholders help an organization in crisis?

Answered: 1 week ago