eathertouch Company sold merchandise worth $1,600 on credit, terms n/15. The merchandise sold had cost $1,100. What is the required journal entry to record the transaction and to transfer the cost of merchandise inventory to cost of goods sold under the periodic inventory system? a. Accounts Receivables 1,600 Sales 1,600 No entry for transfer to cost of goods sold. b. Sales 1,600 Accounts Receivables 1,600 Merchandise Inventory 1,100 Cost of Goods Sold 1,100 c. Accounts Receivables 1,600 Merchandise Inventory 1,600 Cost of Goods Sold 1,100 Merchandise Inventory 1,100 5 d. Merchandise Inventory 1,600 Sales 1,600 Cost of Goods Sold 1,100 Merchandise Inventory 1,100

With proper debits and credits formatting