Question: On February 3 , Smart Company sold merchandise in the amount of $ 4 , 8 0 0 to Truman Company, with credit terms of

On February 3, Smart Company sold merchandise in the amount of $4,800 to Truman Company, with credit terms of 1/10, n/30. The cost of the items sold is $3,310. 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:

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