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On february 3, smart company sold merchandise in the amount of $2,600 to truman company, with credit terms of 2/10, n/30. the cost of the items sold is $1,800. 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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shinmin
The Journal Entry to be recorded in February 3 would be:

Debit Accounts Receivable 2600
Credit Sales 2600

Another entry would be: 
Debit Cost of Goods Sold 1600
Credit Inventory 1600


For the payment within the discount period, the journal entry would be:
Debit Cash 2548
Debit Sales Discount 52 (2600 x 0.02)
Credit Accounts Receivable 2600

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