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Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District 45 on April...

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Accounting

Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District 45 on April 12 of the current year with terms 1/15, n/60. Oswego uses the gross method of accounting for sales discounts.

What entry would Oswego make on April 12?

Multiple Choice
  • Account Title Debit Credit
    Accounts receivable 46,000
    Sales 46,000
  • Account Title Debit Credit
    Accounts receivable 46,000
    Sales 45,540
    Sales discounts 460
  • Account Title Debit Credit
    Accounts receivable 45,540
    Sales 45,540
  • Account Title Debit Credit
    Accounts receivable 45,540
    Sales discounts 460
    Sales 46,000

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