MC Qu. 04 On March 1, Monterrey Company purchased... On March 1, Monterrey Company purchased merchandise inventory on account with a list price of $20,000 and credit terms of 2/10, 1/30. On August 4 (before the invoice was paid), Monterrey Company returned some of the inventory. The list price of the returned merchandise was $2,500. Which of the following is the correct general journal entry to record the payment of the invoice assuming that Monterrey Company pays the amount due within the discount period? Multiple Choice 19,650 Accounts Payable Cash 19,650 400 Accounts Payable Merchandise Inventory Accounts Payable Cash 400 19,600 19,600 Credit Accounts Payable Cash Debit 17,500 17,500 350 Accounts Payable Merchandise Inventory Accounts Payable Cash 350 17,150 17,150