A company uses a perpetual inventory system. On December 10, the company bought inventory for $3,000. It is the only item of inventory it owns. On December 29, it sells the inventory for $5,500 on account with terms 2/10 n/30. The company's customer pays for the inventory on January 3. Which of the following is recorded by the company on January 3? Debit cash for $5,500 Credit sales discounts for $110 Debit cash for $5,390 O Credit sales revenue for $5,390 O Credit accounts receivable for $5,390 The journal entry to record the receipt of payment within the discount period on a sale of $900 with terms of 2/10, n/30 will include a debit to Accounts Receivable for $882. credit Sales Discounts for $18. O credit to Cash for $882. debit to Sales Discounts for $18. credit to Accounts Receivable for $882. A corporation uses the perpetual inventory system. On May 1, it sells merchandise on account for $10,000 with terms 2/10, n/30. The corporation had paid $6,000 to acquire the merchandise. On May 7, the customer returns merchandise with an invoice price of $1,000 to the corporation. The merchandise returned to it had cost the corporation $600. On May 10, the corporation receives payment for the merchandise retained by the customer. How would the corporation record the return of merchandise from the customer on May 7? Debit sales returns and allowances for $980; credit accounts receivable for $980. It would record two journal entries. Debit sales returns and allowances for $1,000; credit inventory for $1,000. Debit cost of goods sold for $600; credit accounts receivable for $600. Debit inventory for $1,000; credit sales returns and allowances for $1,000. Debit sales returns and allowances for $1,000; credit accounts receivable for $1,000. It would record two journal entries. Debit sales returns and allowances for $1,000; credit accounts receivable for $1,000. Debit inventory for $600; credit cost of goods sold for $600