Help On February 3, Smart Company sold merchandise in the amount of $4,800 to Kennedy Company, with credit terms of 110,

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Help On February 3 Smart Company Sold Merchandise In The Amount Of 4 800 To Kennedy Company With Credit Terms Of 110 1 (24.38 KiB) Viewed 45 times

Help On February 3, Smart Company sold merchandise in the amount of $4,800 to Kennedy Company, with credit terms of 110, n/30, The cost of the tems Seve&Exit Su sold is $3,310. 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: 7 2000 Mutiple Choice Account Title Debit Credit 4,800 Accounts Receivable 4,000 Accoust Title Debit Credit Cash 3.230 Accounts Receivable 3,230 Account Title Accounts Receivable Accoust Title Accounts Receivable Cash Cash Sales discounta Cash Debit Credit 4,752 40 4,800 Debit Credit 3,310 3,310