1. Nash's Trading Post, LLC recorded the return of $150 of goods originally sold on credit to Discount Industries. Using the periodic inventory approach, Nash's would record this transaction as:

Accounts Payable	150
Sales Returns and Allowances		150

Sales Returns and Allowances	150
Accounts Receivable		150

Accounts Receivable	150
Sales Returns and Allowances		150

Inventory	150
Accounts Receivable		150

2.

Blossom Company returned $310 of goods originally purchased on credit from Blue Spruce Industries. Using the periodic Inventory approach, Blossom would record this transaction as:

Inventory	310
Accounts Payable		310

Accounts Payable	310
Inventory		310

Purchase Returns and Allowances	310
Accounts Payable		310

Accounts Payable	310
Purchases Returns and Allowances		310

3.

Blue Spruce Corp. receives a payment on account from Ayayai Industries. Based on the original sale of $13000 using the periodic inventory approach, Blue Spruce Corp. honors the 3% cash discount and records the payment. Which of the following is the correct entry for Blue Spruce Corp. to record?

Accounts Receivable	13000
Cash		8810
Purchase Discounts		190

Cash	12610
Sales Discounts	390
Inventory		13000

Cash	12610
Sales Discounts	390
Accounts Receivable		13000

Cash	12610
Purchase Discounts	390
Accounts Payable		13000

4.

On September 14, 2022, Pharoah Company sells merchandise valued at $25900 on account to Pacifica Inc. with terms 5/10, n/30. Both Pharoah and Pacifica use the periodic inventory system. Pacifica remits payment to Sampson on September 23. Pharoahs entry on that date is:

Accounts Receivable	25900
Cash		25005
Purchase Discounts		895

Cash	24605
Sales Discounts	1295
Accounts Payable		25900

Cash	24605
Sales Discounts	1295
Accounts Receivable		25900

Cash	24605
Sales Discounts	1295
Accounts Payable		25900

5.

Cullumber Corporation purchases $1500 of merchandise on account from Enterprise Company, terms 5/10, n/30. Cullumber and Enterprise both use periodic inventory systems. Cullumbers entry record this transaction is:

Purchases	1500
Accounts Payable		1500

Inventory	1500
Accounts Payable		1500

Accounts Payable	1500
Inventory		1500

Accounts Payable	1500
Purchases		1500