Smart Company sold merchandise in the amount of $4,900 to Kennedy Company, with credit terms of 3/10, n/30. The cost of the items sold is $3,380. 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: Submit

On February 3, Smart Company sold merchandise in the amount of $4,900 to Kenneoy Company, with creda terms of 340, npo the cost of the tems sold is $3.380. \$mart uses the perpetual imventory system and the gross method. Kennedy parys the invoce on February 8 and takes the appreshiate discount. The journal entry that Smart makes on February 8 is