Plesae help with attached questions 1-9

Table 6-2

Xavier Company had the following transactions occur during May 20X3.

May 2 Inventory was purchased on account for $5,000, terms 2/10, n/30.

May 3 Inventory costing $1,000 was returned.

May 9 Pan Company paid for the inventory.

May 15 Inventory costing $2,200 was sold on account for $3,800, terms 3/10, n/45.

May 31 Closing entries are prepared for the month-end financial statements.

1) Referring to Table 6-2, if Xavier Company were using the perpetual inventory system, what is the journal entry for May 2?

A) Inventory 5,000

Accounts Payable 5,000

B) Purchases 4,900

Accounts Payable 4,900

C) Purchases 5,000

Accounts Payable 5,000

D) Inventory 4,900

Cash Discounts on Purchases 100

Accounts Payable 5,000

E) Purchases 4,900

Cash Discounts on Purchases 100

Accounts Payable 5,000

2) Referring to Table 6-2, if Xavier Company were using the periodic inventory system, what is the journal entry for May 2?

A) Inventory 4,900

Accounts Payable 4,900

B) Inventory 5,000

Accounts Payable 5,000

C) Purchases 5,000

Accounts Payable 5,000

D) Inventory 4,900

Cash Discounts on Purchases 100

Accounts Payable 5,000

E) Purchases 4,900

Cash Discounts on Purchases 100

Accounts Payable 5,000

3) Referring to Table 6-2, if Xavier Company were using the perpetual inventory system, what is the journal entry for May 3?

A) Accounts Payable 1,000

Inventory 1,000

B) Accounts Payable 1,000

Purchases 1,000

C) Accounts Payable 1,000

Purchase Returns and

Allowances 1,000

D) Accounts Payable 1,000

Cash Discounts on Purchases 20

Inventory 980

E) Accounts Payable 1,000

Cash Discounts on Purchases 20

Purchases 980

4) Referring to Table 6-2, if Xavier Company were using the periodic inventory system, what is the journal entry on May 3?

A) Accounts Payable 1,000

Inventory 1,000

B) Accounts Payable 1,000

Purchases 1,000

C) Accounts Payable 1,000

Purchase Returns and Allowances 1,000

D) Accounts Payable 1,000

Cash Discounts on Purchases 20

Inventory 980

E) Accounts Payable 1,000

Cash Discounts on Purchases 20

Purchases 980

5) Referring to Table 6-2, if Xavier Company were using the perpetual inventory system, what is the journal entry for May 9?

A) Accounts Payable 4,000

Inventory 100

Cash 3,900

B) Accounts Payable 4,000

Inventory 80

Cash 3,920

C) Accounts Payable 5,000

Inventory 100

Cash 4,900

D) Accounts Payable 4,000

Cash Discounts on Purchases 100

Cash 3,900

E) Accounts Payable 4,000

Cash Discounts on Purchases 80

Cash 3,920

6) Referring to Table 6-2, if Xavier Company were using the periodic inventory system, what is the journal entry for May 9?

A) Accounts Payable 4,000

Inventory 100

Cash 3,900

B) Accounts Payable 4,000

Inventory 80

Cash 3,920

C) Accounts Payable 5,000

Inventory 100

Cash 4,900

D) Accounts Payable 4,000

Cash Discounts on Purchases 100

Cash 3,900

E) Accounts Payable 4,000

Cash Discounts on Purchases 80

Cash 3,920

7) Referring to Table 6-2, if Xavier Company were using a perpetual inventory system, what is the journal entry for May 15?

A) Accounts Receivable 3,800

Sales 3,800

B) Accounts Receivable 3,800

Sales 3,800

Cost of Goods Sold 2,134

Cash Discounts on Sales 66

Inventory 2,200

C) Accounts Receivable 3,800

Sales 3,800

Cost of Goods Sold 2,200

Inventory 2,200

D) Accounts Receivable 3,686

Cash Discount on Sales 114

Sales 3,800

E) Accounts Receivable 3,686

Cash Discount on Sales 114

Sales 3,800

Cost of Goods Sold 2,200

Inventory 2,200

8) Referring to Table 6-2, if Xavier Company were using a periodic inventory system, what is the journal entry on May 15?

A) Accounts Receivable 3,800

Sales 3,800

B) Accounts Receivable 3,800

Sales 3,800

Cost of Goods Sold 2,134

Cash Discounts on Sales 66

Inventory 2,200

C) Accounts Receivable 3,800

Sales 3,800

Cost of Goods Sold 2,200

Inventory 2,200

D) Accounts Receivable 3,686

Cash Discount on Sales 114

Sales 3,800

E) Accounts Receivable 3,686

Cash Discount on Sales 114

Sales 3,800

Cost of Goods Sold 2,200

Inventory 2,200

9) Referring to Table 6-2, if Xavier Company were using a periodic inventory system, what is the journal entry to close sales on May 31?

A) Sales 3,800

Cost of Goods Sold 3,800

B) Cost of Goods Sold 3,800

Sales 3,800

C) Income Summary 3,800

Sales 3,800

D) Sales 3,800

Income Summary 3,800

E) No entry is necessary on a monthly basis.