If merchandise costing $500 is sold on account for $620, how is this transaction recorded when using a perpetual inventory system? Debit Accounts Receivable, credit Sales Revenue for $620; debit Cost of Goods Sold, and credit Inventory for $500

Debit Accounts Receivable and credit Sales Revenue for $620

Debit Cash and credit Sales Revenue for $620; debit Cost of Goods Sold and credit Inventory for $500

Debit Accounts Receivable and credit Sales Revenue for $620; debit Inventory and credit Cost of Goods Sold for $500