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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