Select all that apply\ \ X-Mart uses the perpetual inventory system to account for its merchandise. On May 1, it sold $1,400 of merchandise on credit. The original cost of the merchandise to X-Mart was $500. Demonstrate the required journal entry to record the sale and the cost of the sale by selecting all of the correct actions below. (Check all that apply.)\ \ Multiple select question.\ \ Debit Accounts Receivable $1,400.\ \ \ Credit Accounts Receivable $1,400.\ \ \ Debit Cost of Goods Sold $500.\ \ \ Debit Merchandise Inventory $500.\ \ \ Credit Sales $1,400.\ \ \ Credit Cost of Goods Sold $500.\ \ \ Credit Merchandise Inventory $500.\ \ \ Debit Sales $1,400.