Queen Mattresses,Inc If Queen Mattresses,Inc $\begin{array}{lcc}\text { Sales } & 3,800 & \\\quad \text { Cost of Goods Sold } & &3,800 & \\\end{array}$

Multiple Choice

Queen Mattresses,Inc.had the following transactions occur during May 20X3.Assume there is no beginning inventory. $\begin{array}{ll}\text { May } 2 & \text { Inventory was purchased on account for } \$ 5,000 \text {, terms } 2 / 10, \text { n } / 30 . \\\text { May } 3 & \text { Inventory costing } \$ 1,000 \text { was returned. } \\\text { May } 9 & \text { Paid for the inventory. } \\\text { May } 15 & \text { Inventory costing } \$ 2,200 \text { was sold on account for } \$ 3,800, \text { terms } 3 / 10,n / 45 \text {. } \\\text { May } 31 & \text { Closing entries are prepared for the month-end financial statements. }\end{array}$ If Queen Mattresses,Inc.were using a periodic inventory system,what is the journal entry to close sales on May 31?

A) $\begin{array}{lcc}\text { Sales } & 3,800 & \\\quad \text { Cost of Goods Sold } & &3,800 & \\\end{array}$

B) $\begin{array}{lccc}\text { Cost of Goods Sold } & 3,800 \\\quad \text { Sales } & &3,800 & \\\end{array}$

C) $\begin{array}{lccc}\text { Income Summary } & 3,800 \\\quad \text { Sales } && 3,800 & \\\end{array}$

D) $\begin{array}{lccc}\text { Sales } & 3,800\\\text { Income Summary } && 3,800 \\\end{array}$
E) No entry is necessary on a monthly basis.