Harveys Wholesale Company sold supplies of $46,000 to Northeast Company on April 12 of the...
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Accounting
Harveys Wholesale Company sold supplies of $46,000 to Northeast Company on April 12 of the current year, with terms 1/15, n/60. Harvey uses the net method of accounting for sales discounts. What entry would Harvey's make on April 23, assuming the customer made the correct payment on that date?
a. Cash 45,540
Sales 460
Accounts receivable 46,000
b. Cash 46,000
Sales discounts 460
Accounts receivable 46,000
Sales discounts forfeited 460
c. Cash 45,540
Sales discounts 460
Accounts receivable 46,000
d. Cash 45,540
Accounts receivable 45,540
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