Jones company sold merchandise on account for $70,000. this merchandise cost $52,000. the company uses the perpetual method of accounting for inventory. what would be the correct journal entry or entries to record the transaction? a. accounts receivable 70,000 merchandise inventory 52,000 gain on sale 18,000 b. accounts receivable 70,000 sales revenue 70,000 cost of goods sold 52,000 merchandise inventory 52,000 c. accounts receivable 18,000 cost of goods sold 52,000 sales revenue 70,000 d. accounts receivable 70,000 sales revenue 70,000