TB MC Qu. 04-102 (Static) A company purchased... 7 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 12, 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 12 is: 1 points Skipped Multiple Choice O O eBook Debit Merchandise Inventory $1,600: credit Cash $1,600. Print Debit Cash $1,600: credit Accounts Payable $1.600. O References O Debit Accounts Payable $1.600; credit Merchandise Inventory $32: credit Cash $1,568. Debit Accounts Payable $1.800: credit Cash $1,800. O Debit Accounts Payable $1.600; credit Cash $1.600