On July 10, a hardware retailer purchased merchandise inventory on account for $1800. The company plans to pay $1600 the following week and the remaining amount the week after. Which of the following is the correct entry to record the July 10 transaction in a purchases journal? $1600 will be recorded in the Accounts Payable CR and Merchandise Inventory CR columns. $3400 will be recorded in the Accounts Payable DR and Merchandise Inventory DR columns. $1800 will be recorded in the Merchandise Inventory CR and Accounts Payable DR columns. $1800 will be recorded in the Accounts Payable CR and Merchandise Inventory DR columns.