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)\(\begin{array}{lccc}
• \text { Purchases } & 4,900 & \\
• \text { Cash Discounts on Purchases } &100 & \\
• \quad \text { Accounts Payable } & &5,000
• \end{array}\)

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