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

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) $\begin{array}{lccc}\text { Accounts Payable } & 4000& \\\quad \text { Cash Discounts on Purchases } &&80 \\\text { Cash } & &3,920\end{array}$