A company purchased $3,600 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $800 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 $56; credit Cash $2,744 Debit Accounts Payable $3,600; credit Cash $3,600. Debit Accounts Payable $2,800; creait Cash $2,800