Question 5 2 pts If you pay for your merchandise that was purchased on account within the discount period, the entry would be: O Debit Cash, Credit AP O Debit AP and Inventory. Credit Cash O Debit Inventory. Credit Cash and AP O Debit AP, Credit Cash Question 6 2 pts To record the cost of goods sold (COGS) when you have a sale, do the following: Debit COGS: Credit Inventory Debit COGS, Credit Sales O Debit Inventory. Credit COGS O Debit AR. Credit COGS Question 7 2 pts When you receive the cash from a sale to a customer on Account within the discount period, you record it as the following: Debit Cash, Credit AP O Debit to AR: Credit to Cash O Debit to Cash: Credit to AR O Debit to AP: Credit to Cash