Bayer Company uses the periodic inventory system. Bayer Company sold goods on account with a retail price of $800 and a cost of $500. What journal entries are prepared?

.

A.

debit Accounts Receivable for

$ 500

and credit Sales Revenue for

$ 500

.

B.

debit Inventory for

$ 500

and credit Purchases for

$ 500

.

C.

debit Accounts Receivable for

$ 800

and credit Sales Revenue for

$ 800

,

debit Cost of Goods Sold for

$ 500

and credit Inventory for

$ 500

.

D.

debit Accounts Receivable for

$ 800

and credit Sales Revenue for

$ 800

.