Oswego Clay Pipe Company sold $45,100 of pipe to Southeast Water District #45 on April...
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Accounting
Oswego Clay Pipe Company sold $45,100 of pipe to Southeast Water District #45 on April 12 of the current year with terms 2/15, 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 | 46,002 | |
Accounts receivable | 45,100 | |
Interest revenue | 902 |
Cash | 45,100 | |
Accounts receivable | 44,198 | |
Discounts receivable | 902 |
Cash | 45,100 | |
Accounts receivable | 45,100 |
Cash | 45,100 | |
Accounts receivable | 44,198 | |
Interest revenue | 902 |
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