Jones Company Sold Merchandise on Account for $70,000 $\begin{array}{lrr} \text {Accounts Receivable } &70,000\\ \text {Sales Revenue } &&70,000\\\end{array}$

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) $\begin{array}{lrr} \text {Accounts Receivable } &70,000\\ \text {Sales Revenue } &&70,000\\\end{array}$

B) $\begin{array}{ll}\text { Accounts Receivable } & 70,000 \\\quad \text { Sales Revenue } & &70,000\\\text { Cost of Goods Sold } & 52,000 \\\quad \text { Merchandise Inventory } &&52,000\end{array}$

C) $$\begin{array} { l l l } \text { Accounts Receivable } & 70,000 & \\\text { Merchandise Inventory } && 52,000 \\\text { Gain on Sale } && 18,000\end{array}$$
D) $\begin{array} { l l } \text { Accounts Receivable } & 18,000 \\ \text { Cost of Goods Sold } & 52,000\\\text { Sales Revenue }&&70,000 \end{array}$