Oswego Clay Pipe Company provides services of $46,000 to Southeast Water District #45 on April 12 of the current year with terms 1/15, n/60. The Revenue is recorded on April 12. Oswego records the following on June 10 when the customer made the payment on account. This journal entry is correct.

1. Please tell me why this is journal entry is correct. Why is the terms 1/15, n/60 not recorded?

6/10	Cash	46,000
	Account Receivable		46,000

2. What would the journal entry be if the customer had paid on April 20?