Grogan Company purchases inventory on account with a cost of $1700 and a retail price of $3400, Grogan Company uses the perpetual inventory method. What journal entry is required on the date of purchase? Select one: A. debit Purchases for $3400 and credit Cash for $3400 B. debit Purchases for $1700 and credit Accounts Payable for $1700 C debit Inventory for $1700 and credit Accounts Payable for $1700 D. debit Accounts Receivable for $3400 and credit Purchases for $3400