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 80

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 for May 9?

• A)\(\begin{array}{lll}
• \text { Accounts Payable } & 4,000 & \\
• \quad \text { Inventory } & & 100 \\
• \quad \text { Cash } && 3,900 \\
• \end{array}\)
• B) \(\begin{array}{lccc}
• \text { Accounts Payable } & 4000& \\
• \quad \text { Inventory } & &80 \\
• \quad \text { Cash } && 3,920\\
• \end{array}\)
• C) \(\begin{array}{lccc}
• \text { Accounts Payable } &5000 & \\
• \quad \text { Inventory } & &100 \\
• \quad \text { Cash } & & 4900 \\
• \end{array}\)
• D)\(\begin{array}{lccc}
• \text { Accounts Payable } &4000 & \\
• \quad \text { Cash Discounts on Purchases } &&100 \\
• \quad \text { Cash } & & 3,900 \\
• \end{array}\)
• E) \(\begin{array}{lccc}
• \text { Accounts Payable } &4000 & \\
• \quad \text { Cash Discounts on Purchases } &&80 \\
• \quad \text { Cash } & & 3,920 \\
• \end{array}\)

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Definitions:

Decoding Process

Receipt and translation of information by the receiver.

Conversion

The process of turning prospects into actual customers by influencing them to take a desired action, such as making a purchase.

Mirroring

When people take part in similar actions at relatively the same time (i.e., within three to five seconds).

Mimicry

The action or art of imitating someone or something, often as a learning mechanism, entertainment, or survival strategy.