Use the following information to answer the next 11 questions, SELECT ALL ANSWERS THAT APPLY On May 1, Sam Company sold $5,000 ofinventory to Bob Company. The sale was made on account and Sam granted Bob credit terms of 2/10,n/30. The inventory cost Sam Company $3,000. On May 3, Bob returned $1,000 of the inventory to Sam. (The inventory returned by Bob cost Sam S600.) On May 9, Bob paid Sam in full for the amount due What account will Bob debt on May 1 ifthe periodic inventory system is used? a. b. c. d. e. 1. Accounts Payable Cost of Goods Sold Merchandise Inventory Purchases None of the above 2. What account will Bob debit on May 1 if the perpetual inventory system is used? a. b. c. d. e. Accounts Payable Cost of Goods Sold Merchandise Inventory Purchases None of the above 3. What account will Sam debit on May 1 if the periodic inventory system, is used? a. Accounts Payable b. Cost of Goods Sold c. Merchandise Inventory d. Purchases e. None of the above What account will Sam debit on May 1 if the perpetual inventory system is used? a. Accounts Payable b. Cost of Goods Sold c. Merchandise Inventory d. Purchases e. None of the above 4. 5. What iourmal entry will Bob record on May3 iftheperiodicinventory svstem is used? a. b. c. d. e. debit Accounts Payable, $1,000; credit Merchandise Inventory, $1,000 debit Accounts Payable, $1,000; credit Purchases, $1,000 debit Accounts Payable, $1,000; credit Purchase Discounts, $1,000 debit Accounts Payable, $1,000; credit Purchase Retums and Allowances, $1,000 debit Merchandise Inventory; $600; credit Cost ofGoods Sold, $600. 6. What journal entry will Bobrecord on May3 iftheperpetual inventory system is used? debit Accounts Payable, $1,000; credit Merchandise Inventory, $1,000 debit Accounts Payable, $1,000; credit Purchases, $1,000 debit Accounts Payable, $1,000; credit Purchase Discounts, $1,000 debit Accounts Payable, $1,000; credit Purchase Retums and Allowances, $1,000 debit Merchandise Inventory; S600; credit Cost of Goods Sold, $600. a. b. c. d. e. 7. What journal entry will Sam record on May 3 if the periodic inventory system is used? a. debit Merchandise Inventory, S600; credit Cost of Goods Sold, S600 b. debit Sales, $1,000, credit Accounts Receivable, $1,000 c. debit Sales, $1,000; credit Cash, $1,000 d. debit Sales Retums and Allowances, $1,000; credit Accounts Receivable, $1,000. e. debit Sales Retums and Allowances, $1,000; credit Cash, $1,000