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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Definitions:

Americas

Refers to the continents of North and South America, including all of their associated islands and territories.

Squash

A type of plant from the gourd family, cultivated as a vegetable.

Vegeculture

The cultivation of domesticated root crops, such as yams and taro.

Cultigens

Plants that have been deliberately altered or selected by humans for cultivation, often different from their wild ancestors.