Business, 07.04.2020 23:12 Yumimiku6539

On February 3, Smart Company sold merchandise in the amount of $4,200 to Truman Company, with credit terms of 1/10, n/30. The cost of the items sold is $2,900. Smart uses the perpetual inventory system. Truman pays the invoice on February 8, and takes the appropriate discount.

The journal entry that Smart makes on February 8 is:

a.

Cash 2,900
Accounts receivable 2,900
b.

Cash 4,200
Accounts receivable
4,200

c.

Cash 4,120
Sales discounts 80
Accounts receivable 4,200
d.

Cash 2,820
Accounts receivable 2,820

Answers: 3

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On February 3, Smart Company sold merchandise in the amount of $4,200 to Truman Company, with credit...

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