QUESTION 8 A company sold merchandise with a cost of $213 for $440 on account. The seller uses the perpetual inventory system. The entry to record the cost of goods sold would include a debit to Merchandise Inventory for $213 and a credit to Cost of Goods Sold for $213 a debit to Sales Revenue and a credit to Cash for $440 a debit to Cash and a credit to Sales Revenue for $440 a debit to Cost of Goods Sold and a credit to Merchandise Inventory for $213