On September 12, Vandelay Industries sold merchandise in the amount of $7,700 to Jepson Company, with credit terms of 5/10, n/30. The cost of the items sold is $5,900. Vandelay uses the periodic inventory system and the gross method of accounting for sales. The journal entry or entries that Vandelay will make on September 12 is (are):

Multiple Choice

• Account Title	Debit	Credit
  Sales	7,700
  Accounts Receivable		7,700

• Account Title	Debit	Credit
  Sales	7,700
  Accounts Receivable		7,700
  Cost of goods sold	5,900
  Merchandise Inventory		5,900

• Account Title	Debit	Credit
  Accounts Receivable	7,700
  Sales		7,700

• Account Title	Debit	Credit
  Accounts Receivable	7,700
  Sales		7,700
  Cost of goods sold	5,900
  Merchandise Inventory		5,900

• Account Title	Debit	Credit
  Accounts Receivable	5,900
  Sales		5,900