Acompany purchased $2700 of merchandise on july 5 with terms 2/10, n/30. on july 7, it returned $650 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: debit accounts payable $2050; credit merchandise inventory $41; credit cash $2009. debit cash $2050; credit accounts payable $2050. debit accounts payable $2700; credit cash $2700. debit merchandise inventory $2050; credit cash $2050. debit accounts payable $2050; credit cash $2050.

Debit Accounts Payable $2050; credit Merchandise Inventory $41; credit Cash $2009

Explanation:

The journal entry is as follows

On July 12

Account payable Dr $2,050

           To Merchandise Inventory  $41

           To Cash  $2,009

(Being the amount due is paid)

The computation is shown below:

For account payable

= $2,700 - $650

= $2,050

For merchandise inventory

= $2,050 × 2%

= $41

And, for cash it is

= $2,050 - $41

= $2,005

answer: nobody

explanation:

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