Question 47 (1.5 points) 42. On February 1, 2019, the Matisse Company sold $1,000 of basketballs to the Picasso Company on account; the cost of the inventory to the Matisse Company was $700 (70% Cost of Sales). The journal entry on February 1. 2019 would include a debit to due Cost of Goods Sold and Merchandise Inventory. Accounts Receivable and Sales Revenue. Cost of Goods Sold and Accounts Receivable. O Merchandise Inventory and Sales Revenue. Question 48 (1.5 points) On October 1, 2019, the Petty Company loaned $100,000 to the American Girl Company. The loan has an interest rate of 12% and will be paid off in one year (all payments for principal and interest). The journal entry prepared by the Petty Company on October 1, 2019 would include a: Debit to Note Receivable to and credit to Cash. O Debit to Cash and a credit to Note Receivable. O Debit to Note Receivable and a Credit to Note Payable. Debit to Cash and a Credit to Retained Earnings. 11:00 AM o dx GDCD