3. Thatch Fencing Company sold $46,000 of fencing to Southeast Water District #45 on April 12...

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3. Thatch Fencing Company sold $46,000 of fencing to Southeast Water District #45 on April 12 of the current year with terms 1/15, n/60. Thatch uses the gross method of accounting for cash discounts. What entry would Thatch make on April 23, assuming the customer made the correct payment on that date? A. Cash 46,000 460 Sales discounts Accounts receivable 46,000 Interest revenue 460 B. Cash 45,540 Sales discounts 460 Accounts receivable 46,000 C. Cash 46,000 Accounts receivable 45,540 Sales 460 O D. Cash 46,000 Accounts receivable 46,000 3. Thatch Fencing Company sold $46,000 of fencing to Southeast Water District #45 on April 12 of the current year with terms 1/15, n/60. Thatch uses the gross method of accounting for cash discounts. What entry would Thatch make on April 23, assuming the customer made the correct payment on that date? A. Cash 46,000 460 Sales discounts Accounts receivable 46,000 Interest revenue 460 B. Cash 45,540 Sales discounts 460 Accounts receivable 46,000 C. Cash 46,000 Accounts receivable 45,540 Sales 460 O D. Cash 46,000 Accounts receivable 46,000

Answer rating: 100% (QA)

Total cash received is 46000 minus the discount am... View the full answer