X-Mart uses the perpetual inventory system to account for its merchandise. On June 1, it sold $7,000 of merchandise for cash. 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 Cost of Goods Sold $500. Credit Sales $7,000. Debit Cash $7,000. Credit Cash $7,000. Credit Cost of Goods Sold $500. Credit Merchandise Inventory $500. Debit Sales $7,000. Debit Merchandise Inventory $500.