Part of the journal entry to record the cost of an item for $29 that sold for $40 cash under the perpetual inventory system is: O A. debit Cash, $40; credit Inventory $40. OB. debit Sales, $40; credit Cost of Goods Sold, $29; credit Cash, $11 O C. debit Cost of Goods Sold, $40; sales, $40. O D. debit Cost of Goods Sold S29; credit Inventory, $29