On February 3, Smart Company sold merchandise in the amount of $5,800 to Kennedy Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Smart uses the perpetual inventory system and the gross method. Kennedy pays the invoice on February 8 and takes the appropriate discount. The journal entry that Smart makes on February 8 is: Multiple Choice Account Title Debit Credit Cash 5,800 Accounts Receivable 5,800 Account Title Debit Credit Cash 3,920 Sales Discounts 80 Accounts Receivable 4,000 Account Title Debit Credit Cash Accounts Receivable 5,684 5,684

On February 3, Smart Company sold merchandise in the amount of $5,800 to Kennedy Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Smart uses the perpetual inventory system and the gross method. Kennedy pays the invoice on February 8 and takes the appropriate discount. The journal entry that Smart makes on February 8 is: Multiple Choice Account Title Debit Credit Cash 5,800 Accounts Receivable 5,800 Account Title Debit Credit Cash 3,920 Sales Discounts 80 Accounts Receivable 4,000 Account Title Debit Credit Cash Accounts Receivable 5,684 5,684

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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