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Assume Nash's Trading Post, LLC uses the periodic inventory system and has a beginning inventory...

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Accounting

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Assume Nash's Trading Post, LLC uses the periodic inventory system and has a beginning inventory balance of $4500, purchases of $60000, and sales of $100000. Nash's closes its records once a year on December 31. In the accounting records, the inventory account would be expected to have a balance on December 31 prior to adjusting and closing entries that was more than $4500 less than $4500 equal to $4500 indeterminate Windsor, Inc. receives a payment on account from Flint Industries. Based on the original sale of $11600 using the periodic inventory approach, Windsor, Inc. honors the 3cash discount and records the payment. Which of the following is the correct entry for Windsor, Inc. to record? Cash Sales Discounts Inventory 11252 348 11600 11600 Accounts Receivable Cash Purchase Discounts 7452 148 Sales Discounts Accounts Receivable. 11600 Windsor, Inc. returned $160 of goods originally purchased on credit from Flint Industries. Using the periodic Inventory approach, Windsor would record this transaction as: Purchase Returns and Allowances Accounts Payable Accounts Payable Inventory Inventory Accounts Payable 160 Accounts Payable Purchase Returns and Allowances

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