Star Company recognized $500 of cost of goods sold. Note that Star is only recording the cost of goods sold part of the transaction and not the sales revenue Statuses the perpetual inventory system. Which of the following answers reflects the effect of recognizing the cost of goods sold on the financial statements? Balance Sheet Income Statement Liabilities Revenue A. B. C. D. Assets 500 (500) (500) (500) Stockholders Equity 500 (500) n/a (500) (500) n/a n/a n/a Expense sep See 500 n/a Net Income (500) (500) (500) n/a Statement of Cash Flows n/a n/a 500 GA n/a Multiple Choice Opton Option Option Optic