Question 32 3.33 pts On July 1. Ferguson Company sold merchandise in the amount of $5,800 to Tracey Company, with credit terms of 2/10./30. The cost of the items sold is $4,000. Ferguson uses the perpetual inventory system. On July 5. Tracey returns some of the merchandise, which is not defective. The selling price of the merchandise is $500 and the cost of the merchandise returned is $350. The entry or entries that Ferguson must make on July 5 is? 500 500 a. Sales Returns and Allowances Accounts Receivable Merchandise Inventory Cost of Goods Sold 350 350 500 b. Sales Returns and Allowances Accounts Receivable 500 500 c. Accounts Receivable Sales Returns and Allowances 500 500 500 d. Accounts Receivables Sales Returns and Allowances Cost of Goods Sold 350 350 Merchandise Inventory 350 Sales Returns and Allowances a Sales Returns and Allowances 500 Accounts Receivable 500 Merchandise Inventory 350 Cost of Goods Sold 350 b. Sales Returns and Allowances 500 Accounts Receivable 500 cAccounts Receivable 500 Sales Returns and Allowances 500 500 d. Accounts Receivable Sales Returns and Allowances 500 Cost of Goods Sold 350 Merchandise Inventory 350 350 e Sales Returns and Allowances Accounts Receivable 350 d. b. a