Renato Company uses a perpetual inventory system.
A partial chart of accounts is shown below, followed by a series of merchandising transactions.
Indicate the accounts that should be debited and credited in recording each transaction.
(Ignore sales taxes.)

Sales 50 60 Cash Accounts Receivable Cost of Goods Sold 2 All other expense accounts XX Inventory Accounts Payable 30 2. Account(s) Account(s) Transactions Example: Sold merchandise for cash Purchased merchandise on account B Debited Credited 1,60 50,5 Sold merchandise on account Paid the supplier for the merchandise in transaction a Collected cash from the customer in transaction b The physical inventory at year-end disclosed a normal amount of inventory shrinkage