Multiple Select Question Select all that apply X-Mart uses the periodic inventory system to account for its merchandise. On May 1, it sold $1,400 of merchandise on credit. The original cost of the merchandise to X-Mart was $500. Demonstrate the required journal entry to record the sale by selecting all of the correct actions below. (Check all that apply.) Multiple select question. Credit Cost of Goods Sold $500. Debit Merchandise Inventory $500. Credit Merchandise Inventory $500. Debit Sales $1,400. Debit Cost of Goods Sold $500. Debit Accounts Receivable $1,400. Credit Sales $1,400. Credit Accounts Receivable $1,400