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 cash discounts. what entry would harvey's make on april 23, assuming the customer made the correct payment on that date?
a) cash 45,540 sales 460 accounts receivable 46,000
b) cash 46,000 sales discounts 460 accounts receivable 46,000 interest revenue 460
c) cash 45,540 sales discounts 460 accounts receivable 46,000
d) cash 45,540 accounts receivable 45,540

The following cost and inventory data are taken from the accounting records of mason company for the year just completed: costs incurred: direct labor cost $ 90,000 purchases of raw materials $ 134,000 manufacturing overhead $ 205,000 advertising expense $ 45,000 sales salaries $ 101,000 depreciation, office equipment $ 225,000 beginning of the year end of the year inventories: raw materials $ 8,100 $ 10,300 work in process $ 5,900 $ 21,000 finished goods $ 77,000 $ 25,800 required: 1. prepare a schedule of cost of goods manufactured. 2. prepare the cost of goods sold section of mason company’s income statement for the year.