Question: You are looking at your last year's financial statements and see that your 'cost of goods sold' account has a balance of $1,000. Without needing to look at any other line of the financial statements, what does this tell you and does this account generally have a debit or credit balance? Group of answer choices You have to pay a supplier back $1,000 for product bought but not yet paid for - Debit Over the past year you sold $1,000 worth of inventory - Credit You have to pay a supplier back $1,000 for product bought but not yet paid for - Credit Over the past year you sold $1,000 worth of inventory - Debit