2 A company purchased $3.200 of merchandise on July 5 with terms 2/10, 1/30. On July 7. it returned $900 worth of merchandise. On July 12, it paid the full amount due. Assuming the company uses a perpetual Inventory system, and records purchases using the gross method, the correct journal entry to record the payment on July 12 is: Multiple Choice 334 Debit Merchandise Inventory $2,300 Credit Cash $2,300. Debit Cash $2,300; credit Accounts Payable $2,300 Debit Accounts Payable $2.000, credit Merchandise Inventory $46, credit Cash $2.254. Debt Accounts Payable $2,300, credit Cash $2.300 Debt Accounts Payable $3.200, credit Cash $3.200