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Oswego Clay Pipe Company sold $46,800 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 $46,800 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 | 48,204 | |
Accounts receivable | 46,800 | |
Interest revenue | 1,404 |
Cash | 46,800 | |
Accounts receivable | 45,396 | |
Interest revenue | 1,404 |
Cash | 46,800 | |
Accounts receivable | 46,800 |
Cash | 46,800 | |
Accounts receivable | 45,396 | |
Discounts receivable | 1,404 |
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