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Kingbird, Inc. receives a payment on account from Whispering Winds Industries. Based on the original...

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Accounting

Kingbird, Inc. receives a payment on account from Whispering Winds Industries. Based on the original sale of $12900 using the periodic inventory approach, Kingbird, Inc. honors the 4% cash discount and records the payment. Which of the following is the correct entry for Kingbird, Inc. to record?

Accounts Receivable 12900 Cash 8584 Purchase Discounts 316

Cash 12384 Sales Discounts 516 Accounts Receivable 12900

Cash 12384 Sales Discounts 516 Inventory 12900

Cash 12384 Purchase Discounts 516 Accounts Payable 12900

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