X-Mart uses the perpetual inventory system to account for its merchandise. On May 1, it sold $1,400 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.) Check all that apply. Debit Cost of Goods Sold $500. Debit Merchandise Inventory $500. Credit Accounts Receivable $1,400 Debit Sales $1,400. Debit Cash $1,400 Credit Cost of Goods Sold $500. Credit Sales $1,400. Credit Merchandise Inventory $500