A company purchased $3,500 of merchandise on July 5 with terms 3/10,n/30. On July 7 , it returned $700 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 Merchandise Inventory $2,800; credit Cash $2,800 Debit Cash $2,800; credit Accounts Payable $2,800. Debit Accounts Payable $2,800; credit Merchandise Inventory $84; credit Cash $2,716. Debit Accounts Payable $3,500; credit Cash $3,500