Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Oswego Clay Pipe Company sold $45,800 of pipe to Southeast Water District #45 on April 12 of the current year with terms 3/15, n/60. Oswego

Oswego Clay Pipe Company sold $45,800 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 June 10, assuming the customer made the correct payment on that date? Cash 45,800 Accounts receivable 44,426 Discounts receivable 1,374 Cash 47,174 Accounts receivable 45,800 Interest revenue 1,374 Cash 45,800 Accounts receivable 44,426 Interest revenue 1,374 Cash 45,800 Accounts receivable 45,800

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

Managerial Accounting

Authors: James Jiambalvo

4th edition

9780470546888, 9780470333341, 470546883, 470333340, 978-0470578797

More Books

Students also viewed these Accounting questions

Question

When would you classify an investment as available-for-sale (AFS)?

Answered: 1 week ago