On July 1, Ferb Company sold merchandise in the amount of $5,800 to Tracey Company, with credit terms of 2/10, 1/30. The cost of the items sold is $4,000. Ferb uses the perpetual inventory system and the gross method. On July 5, Tracey returns some of the merchandise. The selling price of the merchandise is $500 and the cost of the merchandise returned is $350. The entry or entries that Ferb must make on July 5 is (are): Multiple Choice Credit Debit 500 500 Account Title Sales Returns and Allowances Accounts Receivable Merchandise Inventory Cost of Goods Sold 350 350 Credit Debit 500 500 Account Title Accounts Receivable Sales Returns and allowances Credit Debit 500 500 Account Title Sales Returns and Allowances Accounts Receivable Credit Debit 500 Account Title Sales Returns and Allowances Accounts Receivable Merchandise Inventory Cost of Goods Sold 500 350 350 Credit Account Title Accounts Receivable Sales Returns and Allowances Debit 500 500 Credit Debit 500 Account Title Sales Returns and Allowances Accounts Receivable 500 Credit Debit 500 500 Account Title Accounts Receivable Sales Returns and Allowances Cost of Goods Sold Merchandise Inventory 350 350 Credit Debit 350 Account Title Sales Returns and Allowances Accounts Receivable 350