1. ABC Merchandising Company was started. The compaion experience the following the operation 1. Started the business by issue common stock for $1.000 cash 2. Purchased $750 of inventory on account. 3. Sold merchandise costing $500 for $550 on account 4. Collected $190 cash from accounts receivable. 5. Paid $490 of outstanding accounts payable. Which one of the following journal entries correctly records ABC Merchandising Companys salite nettoy? Account Accounts Receivable Revenge Detin 500 Credi Cost of Goods Sold Inventory 500 550 550 Account Revenue Accounts Receivable Deba 550 Credit 550 Inventory Cost of Goods Sold 500 500 O Account Accounts Receivable Revenue Debit 550 Credit 550 Cost of Goods Sold Inventory 500 500 Credit Account Revenue Accounts Receivable Debi 500 500 550 Inventory 550 Cost of Goods Sold