On February 3, Smart Company sold merchandise in the amount of $1,800 to Truman Company, with credit terms of 1/10, n/30. The cost of the items sold is $1,240. 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 Credit Account Title Cash Sales discounts Accounts Receivable Debit 1,720 12 1,732 0 Debit Credit Account Title Cash Accounts Receivable 1,160 1,160 O Credit Account Title Cash Accounts Receivable Debit 1,800 1,800 O Credit Account Title Cash Sales discounts Accounts Receivable Debit 1,782 18 1,800 Credit O Account Title Cash Accounts Receivable Debit 1, 240 1,240 The following information is available for Zephyr Company before closing the accounts. After all of the closing entries are made, what will be the balance in the Zephyr, Capital account? Net Income Zephyr, Capital Zephyr, Withdrawals $ 128,800 122,000 47,000 Multiple Choice O $285,600 O O $128,800 O $1,066,200. O $203,800. $250.800 The F. Mercury. Capital account has a credit balance of $41,000 before closing entries are made. Services revenue for the period is $59,200, wages expense is $41,800, and withdrawals are $10,600. What is the correct closing entry for the revenue accounts? Multiple Choice Debit Services revenue $59,200; credit F. Mercury, Capital $41,000. Debit Income Summary $59.200; credit Services revenue $59.200. Debit Income Summary $41,000; credit F. Mercury Capital $41,000. Debit Services revenue $41,000; credit F. Mercury, Capital $41,000. Debit Services revenue $59,200; credit Income Summary $59,200. At the end of the year, the total accounts receivable ledger for a company equals $68,000 and the total accounts payable ledger equals $31,500. If there are no errors for this company, one would expect that: Multiple Choice The Accounts Payable account will equal the total of all balances owed from its customer accounts. The Accounts Receivable account will equal the total of all balances owed to its supplier accounts. The Accounts Receivable account will equal the total of all balances owed from its customer accounts. O The total credit sales for the period equal $36,500. The cash received by the company during the period equals $36,500