Queen Mattresses,Inc If Queen Mattresses,Inc $\begin{array}{lll}\text { Accounts Receivable } & 3,800 & \\\quad \text { Sales } & & 3,800 \\\end{array}$

question 55

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 a perpetual inventory system,what is the journal entry for May 15?

• A)\(\begin{array}{lll}
• \text { Accounts Receivable } & 3,800 & \\
• \quad \text { Sales } & & 3,800 \\
• \end{array}\)
• B)\(\begin{array}{lccc}
• \text { Accounts Receivable } & 3,800& \\
• \quad \text { Sales } & & 3,800 \\
• \text { Cost of Goods Sold } & 2,134 & \\
• \text { Cash Discounts on Sales } &66 & \\
• \quad \text { Inventory } & & 2,200\\
• \end{array}\)
• C)\(\begin{array}{lccc}
• \text { Accounts Receivable } & 3,800\\
• \quad \text { Sales } & & 3,800 \\
• \text { Cost of Goods Sold } &2,200 \\
• \quad \text { Inventory } & & 2,200\\
• \end{array}\)
• D)\(\begin{array}{lccc}
• \text { Accounts Receivable } & 3,686 \\
• \text { Cash Discount on Sales } & 114 \\
• \quad \text { Sales } & &3,800 \\
• \end{array}\)
• E)\(\begin{array}{lccc}
• \text { Accounts Receivable } & 3,686 \\
• \text { Cash Discount on Sales } & 114 & \\
• \quad \text { Sales } & & 3,800 \\
• \text { Cost of Goods Sold } & 2,200 & \\
• \quad \text { Inventory } && 2,200
• \end{array}\)

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