Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District 45 on April 12 of the current year with terms 1/10,n/30. Oswego uses the gross method ofaccounting for sales discounts.What entry would Oswego make on April 18, assuming the customer made the correct payment on that date?Account TitleDebitCreditCashSales45,540460Accounts receivable46,000Account TitleDebitCreditCash46,000Accounts receivableSales45,540460Account TitleDebitCreditCash45,540Sales discounts460Accounts receivable46,000Account TitleDebitCreditCash46,000Sales discounts460Accounts receivable46,000Sales discounts forfeited460

The objective of the question is to determine the correct journal entry that Oswego Clay Pipe…

Answered: Oswego Clay Pipe Company sold $46,000…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Oswego Clay Pipe Company sold $45,100 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 23, assuming the customer made the correct payment on that date? Multiple Choice Cash 44, 649 Sales discounts 451 Accounts receivable 45, 100 Cash 44, 649 Sales 451 45, 100 Accounts receivable
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 June 10, assuming the customer made the correct payment on that date? Multiple Choice Cash Accounts receivable Discounts receivable Cash Accounts receivable Sales discounts forfeited Cash Accounts receivable Cash Accounts receivable Sales discounts forfeited
On July 18, 2021, Philly Furniture Factory sold 20 reclining rockers to Dave's Discount Furniture for $8,000, subject to terms 2/10, n/30. Philly uses the net method of accounting for sales discounts. Required: 1. Prepare the journal entry to record the sale. 2 & 3. Prepare the journal entries to record receipt of the payment, assuming the correct amount was received on July 26, 2021 and August 15, 2021.
Prudential Company sold 30 air conditioning units, on January 15, 2020; sale price for each unit is P40,000.All of the sales are subject to terms 2/10, n30; the entity used the net method of accounting for accounts receivable.Required;1. prepare journal entry to record the sale.2. prepare the journal entry to record receipt of the payment assuming the correct amount was received on January 25, 2020.3. prepare the journal entry to record receipt of the payment, assuming the correct amount was received on February 10, 2020.
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Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, it made sales of $45,000 with term 2/15, n/45. Prepare the required journal entries, if: On July 22 Rasheed company received full payment.
Oswego Clay Pipe Company provides services of $46,000 to Southeast Water District #45 on April 12 of the current year with terms 1/15, n/60. What would Oswego record on April 23, assuming the customer made the correct payment on that date? A. Cash Sales Revenue Accounts Receivable B. Cash Sales Discounts Accounts Receivable Interest Revenue C. Cash Sales Discounts Accounts Receivable D. Cash Accounts Receivable Sales Revenue Select one: O A. Option A OB. Option B O C. Option C OD. Option D Clear my choice 45,540 460 46,000 460 45,540 460 46,000 46,000 46,000 460 46,000 45,540 460
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Sage sells its specialty combination gas/wood-fired grills to local restaurants. Each grill is sold for $1,010 (cost $601) on credit with terms 2/30, net/90. Prepare the journal entries for the sale of 20 grills on September 1, 2020, and upon payment, assuming the customer paid on (1) September 25, 2020, and (2) October 15, 2020. Assume the company records sales net. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) No. Date Account Titles and Explanation Debit Cre (1) (To record sales) (To record cost of goods sold)
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On November 10 of the current year, Flores Mills sold carpet to a customer for $7,900 with credit terms 4/10, 1/30. Flores uses the gross method of accounting for sales discounts. What is the correct entry for Flores on December 5, assuming the correct payment was received on that date?

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