On September 12, Ryan Company sold merchandise in the amount of $7,400 to Johnson Company, with credit terms of 3/10, n/30. The cost of the items sold is $4,800. Johnson uses the periodic inventory system and the net method of accounting for purchases. The journal entry that Johnson will make or September 12 is: Multiple Choice Purchases 7,400 Accounts payable 7,400 Accounts payable 7,400 Merchandise inventory 7,400 Purchases 7,178 Accounts payable 7,178 Merchandise inventory 7,178 Accounts payable 7,178 Merchandise inventory 4,800 Accounts payable 4,800 Screenshot