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On February 3, Smart Company sold merchandise in the amount of $4,600 to Kennedy Company,...

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Accounting

On February 3, Smart Company sold merchandise in the amount of $4,600 to Kennedy Company, with credit terms of 310,n30. The cost of the items sold is $3,175. 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:
01-13-15
Multiple Choice
\table[[Account Title,Debit,Credit],[Cash,3,175,],[Accounts Receivable,,3,175]]
\table[[Account Title,Debit,Credit],[Cash,4,520,],[Sales discounts,95,],[Accounts Receivable,,4,615]]
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