Question

on february 3, smart company sold merchandise in the amount of $4,300 to kennedy company, with credit terms of 3/10, n/30. the cost of the items sold is $2,970. 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:

Answer 1

Therefore the journal entry to be passed on Feb 8 is

Cash (1,900-57) 1,843 debit  

Sales discount (1,900*3%) 57 debit

Accounts receivable   1,900 credit

A journal entry is the act of keeping or making statistics of any transactions both monetary or non-financial. Transactions are listed in an accounting magazine that suggests a company's debit and credit score balances. The journal entry can encompass several recordings, every of that is either a debit or a credit score.

Magazine entries document all transactions for a business. Transactions are broadly described as any monetary interest that affects the business. they're not restricted to the shopping for and promoting of products and services, however consist of any alternate of economic fee, together with hobby payments, depreciation, charges, or payroll.

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