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Mal Company uses a perpetual inventory system. On October 1, Mal Company sold inventory on account in the amount of $6,500 to Maha Company, terms

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Mal Company uses a perpetual inventory system. On October 1, Mal Company sold inventory on account in the amount of $6,500 to Maha Company, terms 1/10, 1/30. The items cost Mal $4,200. On October 4, Maha returns some of the inventory. This inventory had a seling price of $500 and a cost of $200. On October 8, Maha Company paid Mal Company the amount due on that date. What journal entry (entries) will Mal prepare on October 1 to record this sale? O Debit Accounts Receivable and credit Sales Revenue for $6,500 Debit Sales Revenue for $6,500 and credit Accounts Receivable and credit for $6,500; debit Cost of Goods Sold and credit Inventory for $4,200. O Debit Cost of Goods sold for 14,200, debit Gross Profit for $2,300, and credit Sales Revenue for $6,500. Debit Accounts Receivable and credit Sales Revenue for $6,500; debit Cost of Goods Sold and credit Inventory for $4,200

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