Question 19 On January 1, Year 1, ABC Merchandising Company was started. The company experienced the following events during the tra year of operation: 1. Started the business by issue common stock for $1,000 cash. 2. Purchased $750 of inventory on account 3. Sold merchandise costing $500 for $550 on account 4. Collected $190 cash from accounts receivable 5. Paid $490 of outstanding accounts payable. Which one of the following journal entries correctly records ABC Merchandising Company's ale o inventory Account Accounts Receivable Rever Dahil Credit 500 500 Cost of Goods Sold Inventory 550 550 Credit Account Revenue Accounts Recevable Debi 550 550 500 Inventory Cost of Goods Sold 500 Credit Account Accounts Recevable Revenue Debit 550 550 500 Cost of Goods Sold Inventory 500 Credit Deba 500 Account Revenue Accounts Receivable 500 $50 Inventory MacBook Pro