A company that uses the perpetual inventory method purchases merchandise inventory of $1,000 on account with terms of 2/10 net/30. Which of the following entries would be made to record payment for the merchandise inventory if the payment is made within 10 days? The accounting entry would be a $1,000 debit to Accounts payable and a $1,000 credit to Cash. The accounting entry would be a $1,000 debit to Accounts payable, a $20 credit to Merchandise Inventory and a $980 credit to Cash The accounting entry would be a $20 debit to Merchandise Inventory, a $1,000 debit to Accounts payable and a $1,020 credit to Cash The accounting entry would be a $980 debit to Accounts payable, a $20 debit to Merchandise Inventory and a $1,000 credit to Cash QUESTION 11 A company that uses the perpetual inventory method purchases merchandise inventory of $1,000 on account with terms of 2/10 net/30. Which of the following entries would be made to record payment for the merchandise inventory if the payment is made 20 days later? The accounting entry would be a $1,000 debit to Accounts payable and a $1,000 credit to Cash. The accounting entry would be a $1,000 debit to Accounts payable, a $20 credit to Merchandise Inventory and a $980 credit to Cash The accounting entry would be a $20 debit to Merchandise Inventory, a $1,000 debit to Accounts payable and a $1,020 credit to Cash. The accounting entry would be a $980 debit to Accounts payable, a $20 debit to Merchandise Inventory and a $1,000 credit to Cash