Skiing International uses a periodic inventory system when recording its purchases and sales of inventory. If the business purchases $8,000 of merchandise on account, select the correct entry to record the purchase: Account Name Debit Credit Purchases Cash 8,000 8,000 Account Name Debit Credit Purchases 8,000 Accounts Payable 8,000 Account Name Debit Credit Merchandise Inventory 8,000 Accounts Payable 8,000 Account Name Debit Credit Purchases Merchandise Inventory 8,000 8,000