On February 3, Smart Company sold merchandise in the amount of $5,800 to Truman 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. Truman pays the invoice on February 8, and takes the appropriate discount. The journal entry that Smart makes on February 8 is: Multiple Choice Cash5,684 Sales discounts116 Accounts receivable 5,800 Cash5,684 Accounts receivable 5,684 Cash4,000 Accounts receivable 4,000 Cash5,800 Accounts receivable 5,800 Cash3,920 Sales discounts80 Accounts receivable 4,000

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05-02-2021
Business

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On February 3, Smart Company sold merchandise in the amount of $5,800 to Truman 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. Truman pays the invoice on February 8, and takes the appropriate discount. The journal entry that Smart makes on February 8 is: Multiple Choice Cash5,684 Sales discounts116 Accounts receivable 5,800 Cash5,684 Accounts receivable 5,684 Cash4,000 Accounts receivable 4,000 Cash5,800 Accounts receivable 5,800 Cash3,920 Sales discounts80 Accounts receivable 4,000

Sagot :

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Parrain Parrain · Answer 1 · 2021-02-06T20:04:04-05:00

Answer:

Date Account Details Debit Credit

Feb 8 Cash $5,684

Sales Discount $ 116

Accounts Receivable $5,800

Explanation:

Credit terms of 2/10, n/30 mean that there is a 2% sales discount if the debt if the credit sale is settled in 10 days. If not, the person will have to pay in 30 days.

Truman paid within 10 days so qualifies for the discount which is:

= 5,800 * 2%

= $116

The amount paid will be:

= 5,800 - 116

= $5,684

Sagot :

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