TIP Sove & Exit Sub A company that uses the net method of recording purchases and a perpetual inventory system purchased $2,600 of merchandise on July 5 with terms 3/10, 1/30, On July 7, it returned $600 worth of merchandise On July 28, it paid the full amount due. The correct Journal entry to record the payment on July 28 is: Multiple Choice Debit Cosh 52,000; credit Accounts Payable $2.000 Debit Accounts Payable 52600, credit Cash $2600 Debit Accounts Payable $2.000, credit Merchandise Inventory 560, credit Cash 1940