On February 3, Smart Company sold merchandise in the amount of $1,800 to Truman Company, with...
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
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Account Title Debit Credit Cash 1,240 Accounts Receivable 1,240 -
Account Title Debit Credit Cash 1,800 Accounts Receivable 1,800 -
Account Title Debit Credit Cash 1,720 Sales Discounts 12 Accounts Receivable 1,732 -
Account Title Debit Credit Cash 1,160 Accounts Receivable 1,160 -
Account Title Debit Credit Cash 1,782 Sales Discounts 18 Accounts Receivable 1,800
Homework Answers
Answer: Option-5
Journal entries as on February 08:
cash Account ....... Debit $1782
Discount Account .....Debit $18
Truman company Account ...... Credit $1800
Explanation:
Discount = $1800*1% = $18
Net cash Received = $1800- $18 = $1782
Add Answer to:
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