Storm Industries purchased $15,000 of merchandise on March 1 with the credit terms of 2/10, net 45. If Storm uses the net method under a perpetual system, what would the journal entry be for recording the initial purchase of the merchandise? Debit Inventory for $14,700, credit A/P for $14.700 none of the answers are correct Debit Inventory for $15,000, credit A/P for $15,000 Debit A/P for $14,700, credit Inventory for $14,700 Debit A/P for $15,000 credit Inventory for $15,000 Question 16 A trial balance before adjustments included the following: Debit Credit $1,700,000 Sales Sales Returns and Allowances Accounts Receivable Allowance for doubtful Accounts $56,000 172,000 3,040 If the estimate of uncollecible accounts is made by taking 7% of gross accounts receivables, the amount of the adjustment is: $12,040 $11.160 $9.000 $20,240