Morgan, Inc. uses a perpetual inventory systerm and the net method of recording purchases. On May 12, a merchandise purchase of $17,800 was made on credit, 3/10, n/30. The journal entry to record this purchase is Multiple Choice Merchandise Inventory Accounts Payable 998 17,888 Accounts Payable 17,266 Purchases 17,800 Accounts Payable 17,888 Accounts Payable 17,DO0 Merchandise Inventory 17,888 Merchandise Inventory Accounts Payable 17,266 17,266