Question 10 Markowitz Company uses a perpetual inventory sy

stem. On February 6, Markowitz Company sold $105,000 of merchandise to the Lyman Company on account. The cost of the merchandise sold was $70,000. Two pairs of journal entries are required for Markowitz to record the sale of merchandise on February 6. The first pair of journal entries required are (Dr.) Account Receivable 105,000 (Cr.) Sales Revenue 105,000 What are the second pair of journal entries required for Markowitz? a. (Dr.) Cost of Goods Sold 70,000 (Cr.) Inventory 70,000 b. (Dr.) Cost of Goods Sold 70,000 (Cr.) Accounts Payable 70,000 c. (Dr.) Cost of Goods Sold 105,000 (Cr.) Accounts Payable 105,000 d. (Dr.) Cost of Goods Sold 105,000 (Cr.) Inventory 105,000