Multlple Cholce Questlon X-Mart purchased $300 of merchandise on account. Demonstrate the journal entry to record this transaction, assuming the perpetual inventory system is used. O Credit Merchandise Inventory $300; debit Accounts Payable $300. Debit Merchandise Inventory $300; credit Accounts Payable $300. Debit Purchases $300; credit Accounts Payable $300. Debit Merchandise Inventory $300; credit Sales $300