Bayer Company Uses the Periodic Inventory System

Bayer Company uses the periodic inventory system.Bayer Company sold goods on account with a retail price of $1,000 and a cost of $500.What journal entry(ies) is(are) prepared?

A) debit Accounts Receivable for $1,000 and credit Sales Revenue for $1,000
B) debit Accounts Receivable for $500 and credit Sales Revenue for $500
C) debit Accounts Receivable for $1,000 and credit Sales Revenue for $1,000, debit Cost of Goods Sold for $500 and credit Inventory for $500.
D) debit Inventory for $500 and credit Purchases for $500