A company purchased $2,600 of merchandise on July 5 with terms 3/10, 1/30. On July 7, it returned $600 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 Debit Cash $2,000, credit Accounts Payable $2,000. Debit Accounts Payable $2,000; credit Merchandise Inventory $60, credit Cash $1,940. Debit Merchandise Inventory $2.000, credit Cash $2,000. Debit Accounts Payable $2,000 credit Cash $2,000. Debit Accounts Payable $2.600: credit Cash $2,600