A periodic inventory system: is used for inexpensive goods. is used for small, low-value items. is used when inventory cannot be controlled by visual inspection. keeps a running record of inventory on hand. Question 9 (Mandatory) (1 point) Which journal entry(ies) is(are) prepared when two units of merchandise are sold on account? debit Accounts Receivable and credit Sales Revenue only debit Accounts Receivable and credit Sales Revenue; debit Cost of Goods Sold and credit Inventory debit Accounts Receivable and credit Sales Revenue; debit Inventory and credit Cost of Goods Sold debit Cash and credit Sales Revenue; debit Cost of Goods Sold and credit Inventory