Question 2 Part A and B A Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District 45 on April 12 of the current year with terms 3 15, n 60 Oswego uses the gross method of accounting for cash discounts What entry would Oswego make on April 12 Multiple Choice Accounts receivable 46,000 Sales 46,000 Accounts receivable 44,620 Sales discounts 1,380 Sales 46,000 Accounts receivable 44,620 Sales 44,620 Accounts receivable 46,000 Sales 44,620 Sales discounts 1,380 B False Value Hardware began 2018 with a credit balance of $31,100 in the allowance for sales returns account Sales and cash collections from customers during the year were $600,000 and $560,000, respectively False Value estimates that 5 of all sales will be returned During 2018, customers returned merchandise for credit of $25,000 to their accounts What is the balance in the allowance for sales returns account at the end of 2018 Multiple Choice $30,000 $36,100 $6,100 $55,000

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Question: Question 2 Part A and B A. Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District #45 on April 12 of the

Question 2 Part A and B

A. Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District #45 on April 12 of the current year with terms 3/15, n/60. Oswego uses the gross method of accounting for cash discounts. What entry would Oswego make on April 12?

Multiple Choice

Accounts receivable 46,000

Sales 46,000
Accounts receivable 44,620

Sales discounts 1,380

Sales 46,000
Accounts receivable 44,620

Sales 44,620
Accounts receivable 46,000

Sales 44,620

Sales discounts 1,380

B. False Value Hardware began 2018 with a credit balance of $31,100 in the allowance for sales returns account. Sales and cash collections from customers during the year were $600,000 and $560,000, respectively. False Value estimates that 5% of all sales will be returned. During 2018, customers returned merchandise for credit of $25,000 to their accounts. What is the balance in the allowance for sales returns account at the end of 2018?

Multiple Choice

$30,000.
$36,100.
$6,100.
$55,000.

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