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What entry would Oswego make on April

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Question - Gross method & Net method of accounting for cash discounts. Examples: 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.

1. What entry would Oswego make on April 12?

2. What entry would Oswego make on April 23, assuming the customer made the correct payment on that date?

3. What entry would Oswego make on June 10, assuming the customer made the correct payment on that date?

Reference no: EM132432048

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