When using the perpetual inventory, which of the entry or entries correctly record(s) the journal entry for the purchase of $5,020 merchandise for cash on January Ignore the year part of the date. DATE Jan. 3 Sales DATE DESCRIPTION Cash Merchandise Inventory Cost of Merchandise Sold DESCRIPTION Jan. 3 Merchandise Inventory Cash PREF DEBIT CREDIT $5,020 $5,020 $3,000 $3,000 P.REF. DEBIT CREDIT $5,020 $5,020 DESCRIPTION PREF DEBIT CREDIT DATE Jan. 3 Merchandise Inventory $5,020 Accounts Payable $5,020 DESCRIPTION PREF DEBIT CREDIT DATE Jan. 3 Cost of Merchandise Sold Cash $5,020 $5.020