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A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 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 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 purchase on July 5 is:

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--Following entry will be made on Jul 5

Date Accounts title Debit Credit
05-Jul Merchandise Inventory $1,800
   Accounts Payable $1,800
(to record purchase)
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