Queen Mattresses,Inc If Queen Mattresses,Inc $\begin{array}{lll}\text { Accounts Payable } & 4,000 & \\\quad \text { Inventory } & & 100 \\\quad \text { Cash } & & 3,900 \\\end{array}$

question 75

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 perpetual inventory system,what is the journal entry for May 9?

• A)\(\begin{array}{lll}
• \text { Accounts Payable } & 4,000 & \\
• \quad \text { Inventory } & & 100 \\
• \quad \text { Cash } & & 3,900 \\
• \end{array}\)
• B)\(\begin{array}{lccc}
• \text { Accounts Payable } & 4,000& \\
• \quad \text { Inventory } & & 80\\
• \quad \text { Cash } & & 3,920\\
• \end{array}\)
• C)\(\begin{array}{lccc}
• \text { Accounts Payable } & 5,000& \\
• \text { Inventory } & 100\\
• \quad \text { Cash } & & 4,900 \\
• \end{array}\)
• D)\(\begin{array}{lccc}
• \text { Accounts Payable } & 4,000 & \\
• \quad \text { Cash Discounts on Purchases } & & 100 \\
• \text { Cash } & & 3,900 \\
• \end{array}\)
• E)\(\begin{array}{lccc}
• \text { Accounts Payable } & 4000& \\
• \quad \text { Cash Discounts on Purchases } &&80 \\
• \text { Cash } & &3,920
• \end{array}\)

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