Question: multiple choice, choose one correct answer. On February 3, Smart Company sold merchandise in the amount of $2,400 to Truman Company, with credit terms of

multiple choice, choose one correct answer.  multiple choice, choose one correct answer. On February 3, Smart Company
sold merchandise in the amount of $2,400 to Truman Company, with credit

On February 3, Smart Company sold merchandise in the amount of $2,400 to Truman Company, with credit terms of 110, n/30. The cost of the items sold is $1,650. 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 O cash 1.650 Accounts receivable 1.650 o 2,400 Cash Accounts receivable 2,400 Cash sales discounts Accounts receivable O Cash 1,5701 1,650 Cash Accounts receivable 1,650 Cash 2,400 Accounts receivable 2,400 2,320 Cash Sales discounts Accounts receivable 17 2,337 Cash Accounts receivable 1,570 1,570 I Cash Sales discounts Accounts receivable 2,376 24 2,400

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