Our company sold merchandise on account with a cost of $700 for $1,000. Our company uses a perpetual inventory system. What account and amount would we credit to record the cost of the merchandise sold? Group of answer choices accounts receivable, $1,000 sales, $1,000 merchandise inventory, $700 cost of goods sold, $700

Our company sold merchandise on account with a cost of $700 for $1,000. Our company uses a perpetual inventory system. What account and amount would we credit to record the sales revenue?

Group of answer choices

accounts receivable, $1,000

sales, $1,000

merchandise inventory, $700

cost of goods sold, $700