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JPLS A company that uses the net method of recording purchases and a perpetual inventory system purchased $1,800 of merchandise on July 5 with terms
Debit Merchandise Inventory $1,600; credit Cash $1,600.
ODebit Cash $1,600; credit Accounts Payable $1,600.
ODebit Accounts Payable $1,600; credit Merchandise Inventory $32; credit Cash $1,568.
Debit Accounts Payable $1,800; credit Cash $1,800.
ODebit Accounts Payable $1,568; debit Discounts Lost $32; credit Cash $1,600.
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