TB MC Qu. 04-101 (Static) A company purchased... 15 A company purchased $1.800 of merchandise on July 5 with terms 2/10, n/30. On July 7. It returned $200 worth of merchandise. On July 28, It paid the full amount due Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on July 28 is: 15 Debit Merchandise Inventory $1,600, credit Cash $1,600 1 points Debit Cash $1,600; credit Accounts Payable $1,600 Skipped ebook Debit Accounts Payable $1,600, credit Merchandise Inventory $32; credit Cash $1,568 Print eferences Debit Accounts Payable $1,800, credit Cash $1,800, Debit Accounts Payable $1,600, credit Cash $1,600