Mitchell uses a perpetual inventory system. Mitchell sells a computer from inventory for $1,198 on credit. Mitchell originally bought the computer from IBM for $790. What journal entry (entries) will Mitchell prepare to record the sale? Multiple Choice Debit Accounts Receivable and credit Sales Revenue for $1,198; debit Cost of Goods Sold and credit Inventory for $790. Debit Accounts Receivable for $1,198, credit Inventory for $790, and credit Gross Profit for $408. O Debit Cash and credit Sales Revenue for $1,198; debit Cost of Goods Sold and credit Inventory for $790. O Debit Inventory for $790, debit Cost f Goods Sold for $408, and credit Accounts Receivable for $1,198. Devonshire, Inc. sold merchandise inventory on account at a price of $20,000 with payment terms of 2/10, n/30. The merchandise cost Devonshire $16,000. If the customer paid for the merchandise 5 days after receiving the invoice, how much cash was collected by Devonshire? Multiple Choice $16,000 O $15,680 $20,000 O $19,600