Harvey's Wholesale Company sold supplies of $46,000 to Northeast Company on April 12 of the current year, with terms 1/15, n/60. Harvey uses the net method of accounting for sales discounts.

 Harvey's Wholesale Company sold supplies of $46,000 to Northeast Company on April 12 of the current year, with terms 1/15, n/60. Harvey uses the net method of accounting for sales discounts.

What entry would Harvey's make on April 23, assuming the customer made the correct payment on that date?

 

Answer

Cash    45,540     
Accounts receivable         45,540

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