Assume the Periodic Inventory System Is Used $\begin{array} { l l l } \text { Cost of Goods Sold } & 3,400 & \\\text { Sales } & & 3,400 \\\end{array}$

Assume the periodic inventory system is used.Karton Company sold inventory to Rabell Company for $3,400 with agreement from Rabell that payment will be made at the end of the month.Which of the following is the journal entry to be made by Karton Company?

A) $\begin{array} { l l l } \text { Cost of Goods Sold } & 3,400 & \\\text { Sales } & & 3,400 \\\end{array}$

B) $\begin{array}{lccc}\text { Cash } & 3,400 & \\\quad \text { Inventory } & & 3,400 \\\end{array}$

C) $\begin{array}{lccc}\text { Accounts Receivable } & 3,400 & \\\quad \text { Sales } & & 3,400 \\\end{array}$

D) $\begin{array}{lccc}\text { Cash } & 3,400 & \\\quad \text { Sales } & & 3,400 \\\end{array}$

E) $\begin{array}{lccc}\text { Cash } & 3,400 & \\\text { Accounts Payable } & & 3,400\end{array}$