Oswego Clay Pipe Company Sold $46,000 of Pipe to Southeast $\begin{array}{|c|r|r|}\hline \text { Accounts receivable } & 46,000 & \\\hline \text { Sales } & & 46,000 \\\hline\end{array}$

question 119

Multiple Choice

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 cash discounts. What entry would Oswego make on April 12?

• A) \(\begin{array}{|c|r|r|}
• \hline \text { Accounts receivable } & 46,000 & \\
• \hline \text { Sales } & & 46,000 \\
• \hline
• \end{array}\)
• B) \(\begin{array}{|c|r|r|}
• \hline \text { Accounts receivable } & 46,000 & \\
• \hline \text { Sales } & & 45,540 \\
• \hline \text { Sales discounts } & & 460 \\
• \hline
• \end{array}\)
• C) \(\begin{array}{|c|r|r|}
• \hline \text { Accounts receivable } & 45,540 & \\
• \hline \text { Sales } & & 45,540 \\
• \hline
• \end{array}\)
• D) \(\begin{array}{|l|r|r|}
• \hline \text { Accounts receivable } & 45,540 & \\
• \hline \text { Sales discounts } & 460 & \\
• \hline \text { Sales } & & 46,000 \\
• \hline
• \end{array}\)

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Definitions:

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Informal Situations

Circumstances or environments where formalities are minimized or set aside, often characterized by casual and relaxed interactions.

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