If a company sold all the goods available for sale during an accounting period, the cost of goods sold would equal the goods available for sale. True False Under the periodic inventory system, the entry to record the return of merchandise purchased on credit is: A. Debit Purchases and credit Accounts Payable B. Debit Merchandise Inventory and credit Accounts Payable C. Debit Accounts Payable and credit Purchases Returns and Allowances D. Debit Accounts Payable and credit Purchases Under the periodic inventory system, the sale of merchandise sold on credit is recorded by: A. Debiting Accounts Receivable and crediting Sales B. Debiting Cost of Goods Sold and crediting Merchandise Inventory C. Both of these D. Neither of these