Morgan, Incorporated uses a perpetual inventory system and the net method of recording purchases. On May 12, a merchandise purchase of $15,000 was made on credit, 2/10, n/30. The journal entry to record this purchase is:

Multiple Choice

• Account Title	Debit	Credit
  Merchandise Inventory	15,000
  Accounts Payable		15,000

• Account Title	Debit	Credit
  Accounts Payable	15,000
  Merchandise Inventory		15,000

• Account Title	Debit	Credit
  Purchases	15,000
  Accounts Payable		15,000

• Account Title	Debit	Credit
  Purchases	14,700
  Accounts Payable		14,700

• Account Title	Debit	Credit
  Merchandise Inventory	14,700
  Accounts Payable		14,700