Status and follow-up Participants More Queen Mattresses, Inc. had the following transactions occur during May 20X3. Assume there is no beginning inventory. May 2 site Inventory was purchased on account for $5,000, terms 2/10, n/30. May 31 Inventory costing $1,000 was returned. May 9 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. If Queen Mattresses, Inc. were using a periodic inventory system, what is the journal entry to close sales on May 312 Your answer: Sales 3,800 Cost of Goods Sold 3,800 Cost of Goods Sold 3,800 Sales 3,800 Sales 3,800 3,800 Income Summary No entry is necessary on a monthly basis. Clear answer