El Paso Community College - ACCT 2305 1)On February 3, Smart Company sold merchandise in the amount of $4,400 to Truman Company, with credit terms of 2/10, n/30

Accounting Mar 31, 2021

El Paso Community College - ACCT 2305

1)On February 3, Smart Company sold merchandise in the amount of $4,400 to Truman Company, with credit terms of 2/10, n/30. The cost of the items sold is

$3,035. 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:

2. Prentice Company had cash sales of $94,325, credit sales of $83,475, sales returns and allowances of $1,725, and sales discounts of $3,500. Prentice’s net sales for this period equal:

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