TB MC Qu. 04.160 (Static) Morgan, Incorporated uses a perpetual inventory... 20 Morgan, Incorporated uses a perpetual inventory system and the net method of recording purchases. On May 12. a merchandise purchase of $15,000 was made on credit, 2/10, n/30. The journal entry to record this purchase is Multiple Choice Credit Account Title Merchandise Inventory Accounts Payable Debit 15,000 15,000 Credit Account Title Accounts Payable Merchandise Inventory Debit 15,000 15,000 Credit Account Title Accounts Payable Merchandise Inventory Debit 15,000 15,000 Credit Account Title Purchases Accounts Payable Debit 15,000 15,000 Debit Credit Account Title Purchases Accounts Payable 14,700 14,700 O O Credit Account Title Merchandise Inventory Accounts Payable Debit 14,700 14,700