Queen Mattresses,Inc If Queen Mattresses Inc $\begin{array}{lll}\text { Inventory } & 4,900 & \\\quad \text { Accounts Payable } & &4,900 \\\end{array}$

question 5

Multiple Choice

Queen Mattresses,Inc.had the following transactions occur during May 20X3.Assume there is no beginning inventory.
$\begin{array} { l l } \text { May } 2 & \text { Inventcy wes purchased on account for } \$ 5,000 , \text { terms } 2 / 10,n / 30 \\\text { May } 3 & \text { Inventcy costing } \$ 1,000 \text { was returned. } \\\text { May } 9 & \text { Paid for the inventory. } \\\text { May } 15 & \text { Inventcry costing } \$ 2,200 \text { was sold on account for } \$ 3,800, \text { , terms } 3 / 10 , n / 45 \\\text { May } 31 & \text { Closing entries are prepered for the monthend financial statements. }\end{array}$
If Queen Mattresses Inc.were using the periodic inventory system,what is the journal entry for May 2?

• A)\(\begin{array}{lll}
• \text { Inventory } & 4,900 & \\
• \quad \text { Accounts Payable } & &4,900 \\
• \end{array}\)
• B)\(\begin{array}{lccc}
• \text { Inventory } &5,000 & \\
• \quad \text { Accounts Payable } & &5,000 & \\
• \end{array}\)
• C)\(\begin{array}{lccc}
• \text { Purchases } & 5,000 \\
• \quad \text { Accounts Payable } & & 5,000 \\
• \end{array}\)
• D)\(\begin{array}{lccc}
• \text { Inventory } & 4,900 & \\
• \text { Cash Discounts on Purchases } &100 & \\
• \quad \text { Accounts Payable } & &5,000 \\
• \end{array}\)
• E)\(\begin{array}{lccc}
• \text { Purchases } & 4,900 & \\
• \text { Cash Discounts on Purchases } &100 & \\
• \quad \text { Accounts Payable } & &5,000
• \end{array}\)

Recognize the role of key documents and figures in American independence and constitutional development.

Identify the processes involved in drafting, adopting, and ratifying the U.S. Constitution.

Understand the concepts of separation of powers and checks and balances as outlined in the U.S. Constitution.

Recognize the significance of compromises made during the Constitutional Convention.

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