Multiple Select Question Select all that apply X-Mart uses the periodic inventory system to account for its merchandise. On May 1, it sold $400 of merchandise on account with terms of 2/15, n/40. On May 3, its customer returned $50 of merchandise due to defect. On May 11, its customer paid the remaining balance due. Demonstrate the required journal entry to record the receipt of payment by selecting all of the correct actions below. (Check all that apply.) Multiple select question. Credit Accounts Receivable $350. Debit Sales Discounts $7. Debit Sales Discounts $8. Debit Cash $392. Credit Accounts Payable $350. Credit Accounts Receivable $400. Debit Cash $343