On September 12, Vander Company sold merchandise in the amount of $7,600 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $5,800. Vander uses the periodic inventory system and the gross method of accounting for sales. The journal entry or entries that Vander will make on September 12 is:

Multiple Choice

Option #1

Sales 7,600

Accounts receivable 7,600

Cost of goods sold 5,800

Merchandise Inventory 5,800

Option #2

Sales 7,600

Accounts receivable 7,600

Option #3

Accounts receivable 7,600

Sales 7,600

Option #4

Accounts receivable 7,600

Sales 7,600

Cost of goods sold 5,800

Merchandise Inventory 5,800

Option #5

Accounts receivable 5,800

Sales 5,800