Queen Company distributes duffle bags to retail stores and extends credit terms of 2/10,n/30 to all of its customers. At the beginning of May, Queen Company's inventory consisted of duffle bags costing 1,200. During the month of May, the following merchandising transactions occurred. Queen Company's chart of accounts includes the following: Cash, Accounts Receivable, Inventory, Accounts Payable, Sales Revenue, Sales Returns and Allowances, Sales Discounts, and Cost of Goods Sold. Required: Journalize (on the next page) the transactions for the month of May for Queen Company using a perpetual inventory system
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