Under the perpetual inventory system the journal entries to record sales and the right Accounts Payable OX Merchandise inventory XOX Merchandise inventory Cost of Goods Sold Cost of Goods Sold XXX Merchandise inventory Xxx Merchandise inventory xox Accounts Payable xxx Accounts Receivable 00 Sales Revenue 00 Sales Revenue XOX Cost of Goods Sold xos XOOK Sales Returns and Allowances XXX Accounts Receivable Merchandise Ventory xox Fosil Good Sold