Reference no: EM132478869
Problem 1: On February 3, Smart Company sold merchandise in the amount of $1,800 to Truman Company, with credit terms of 1/10, n/30. The cost of the items sold is $1,240. 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
Option 1: Cash1,240 Accounts receivable 1,240
Option 2: Cash1,800 Accounts receivable 1,800
Option 3: Cash1,720 Sales discounts12 Accounts receivable 1,732
Option 4: Cash1,160 Accounts receivable 1,160
Option 5: Cash1,782 Sales discounts18 Accounts receivable 1,800
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