Queen Mattresses,Inc If Queen Mattresses,Inc $\begin{array}{lll}\text { Accounts Payable } & 1,000 & \\\quad \text { Inventory } & & 1,000 \\\end{array}$

question 9

Multiple Choice

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

• A)\(\begin{array}{lll}
• \text { Accounts Payable } & 1,000 & \\
• \quad \text { Inventory } & & 1,000 \\
• \end{array}\)
• B)\(\begin{array}{lccc}
• \text { Accounts Payable } & 1,000 \\
• \quad \text { Purchases } & &1,000 \\
• \end{array}\)
• C)\(\begin{array}{lccc}
• \text { Accounts Payable } & 1,000 \\
• \quad \text { Purchase Returns and Allowances } & &1,000 \\
• \end{array}\)
• D)\(\begin{array}{lccc}
• \text { Accounts Payable } &1,000 & \\
• \quad \text { Cash Discounts on Purchases } & & 20 \\
• \quad \text { Inventory } & & 980\\
• \end{array}\)
• E)\(\begin{array}{lccc}
• \text { Accounts Payable } & 1,000\\
• \quad \text { Cash Discounts on Purchases } & & 20 \\
• \text { Purchases } & & 980\\
• \end{array}\)

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