Assuming the company uses the earnings approach for revenue recognition, in a periodic system, the required entry(ies) to record the sale of merchandise for $1120 on credit for goods costing the company $550 would be O a) a debit to Cost of Goods Sold and credit to Merchandise Inventory for $550. O b) a debit to Accounts Receivable and credit to Merchandise Inventory for $1120. Oc) a debit to Accounts Receivable and credit to Sales for $1120. O d) both a) and c)