2144 On February 3, Smart Company sold merchandise in the amount of $2,200 to Truman Company, with credit terms of 3/10, r/30. The cost of the items sold is $1,520. Smart uses the perpetual inventory system and the gross method. Truman pays the invoice on February 8 and takes the appropriate discount. The journal entry that Smart makes on February 8 is Multiple Choice Cash Account Title Accounts Receivable Account Title Cash Sales discounts Accounts Receivable Account Title Cash Sales discounts 6 Debit 2,200 Debit 2,134 Debit 2,120 46 Credit 2,200 Credit 2,200 Credit
2144 On February 3, Smart Company sold merchandise in the amount of $2,200 to Truman Company, with credit terms of 3/10, r/30. The cost of the items sold is $1,520. Smart uses the perpetual inventory system and the gross method. Truman pays the invoice on February 8 and takes the appropriate discount. The journal entry that Smart makes on February 8 is Multiple Choice Cash Account Title Accounts Receivable Account Title Cash Sales discounts Accounts Receivable Account Title Cash Sales discounts 6 Debit 2,200 Debit 2,134 Debit 2,120 46 Credit 2,200 Credit 2,200 Credit
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
Problem 7E: On December 31, Marchant Company took a physical count of its merchandise inventory. It operates...
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