X-Mart uses the perpetual inventory system to account for its merchandise. On June 1, it sold $7,000 of merchandise for cash. The original cost of the merchandise to X-Mart was $500. Demonstrate the required journal entry to record the cost of the sale by selecting all of the correct actions below. (Check all that apply.) Credit Cost of Goods Sold $500. Debit Merchandise Inventory $500. Debit Cost of Goods Sold $500. Credit Merchandise Inventory $500.
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X-Mart uses the perpetual inventory system to account for its merchandise. On June 1, it sold $7,000...
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