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.