A company purchased $2,700 of merchandise on July 5 with terms 2/10,n/30. On July 7 , it returned $650 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: Debit Accounts Payable \$2,050; credit Cash $2,050. Debit Accounts Payable $2,050; credit Merchandise Inventory $41; credit Cash $2,009. Debit Merchandise inventory \$2,050; credit Cash $2,050. Debit Accounts Payable \$2,700; credit Cash \$2,700. Debit Cash \$2,050; credit Accounts Payable \$2,050