Incorrect Question 5 0 1 pts A company purchased $1,800 of merchandise on July 5 with terms 2 10, n 30 On July 7, it returned $200 worth of merchandise On July 28, 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 purchase on July 5 is Debit Merchandise Inventory $1,600 credit Cash $1,600 Debit Merchandise Inventory $1,800 credit Accounts Payable $1 800 Debit Merchandise Inventory $1,800 credit Sales Returns $200 Credit Cash $1,600

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Incorrect Question 5 0 1 pts A company purchased $1,800 of merchandise on July 5 with terms 2 10, n 30  On July 7, it returned $200 worth of merchandise  On July 28, 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 purchase on July 5 is  Debit Merchandise Inventory $1,600  credit Cash $1,600  Debit Merchandise Inventory $1,800  credit Accounts Payable $1 800  Debit Merchandise Inventory $1,800  credit Sales Returns $200  Credit Cash $1,600

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Incorrect Question 5 0/1 pts A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $200 worth

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