Record the following transactions on the books of Essex Corp, which uses a perpetual inventory system, (a) On July 1. Essex Corp. sold merchandise on account to Cambridge Inc. for $58,000, terrs n/30. The cost of the merchandise sold was $32,000. Essex expected a return rate of 5%. (List all debit entries before credit entries. Credit account titles are automatically Indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts.) Debit Credit Date Account Titles and Explanation 58000 July 1 Accounts Receivable S8000 Sales 32000 Cost of Goods Sold On LED OTSERRATUTO MOTO MULETTO VOU TEST there was $32,000. Essex expected a return rate of 5%. (List all debit entries before credit entries. Credit occount titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit July 1 Accounts Receivable 58000 Sales 58000 Cost of Goods Sold 32000 (To record credit sale) July 1 Inventory (To record cost of merchandise sold)