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Star Company recognized $500 of cost of goods sold. Note that Star is only recording the cost of goods sold part of the transaction and not the sales revenue. Stor uses the perpetual inventory system. Which of the following answers reflects the effect of recognizing the cost of goods sold on the financial statements? Balance sheet Income statement Stockholders Statement of Cash Assets Liabilities + Equity Revenue Expense Net Income Flows A. 500 500 n/a 500 (500) n/a B. (500) (500) n/a 500 (500) n/a C. (500) (500X n/a 500 (500) 500 OA D. (500) (500) n/a n/a n/a n/a Multiple Choice Option O Options Option Gotion