Morgan,Inc $\begin{array}{|l|r|r|}\hline \text { Merchandise Inventory } & 15,000 & \\\hline \text { Accounts Payable } & & 15,000 \\\hline\end{array}$

Multiple Choice

Morgan,Inc.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:

A) $\begin{array}{|l|r|r|}\hline \text { Merchandise Inventory } & 15,000 & \\\hline \text { Accounts Payable } & & 15,000 \\\hline\end{array}$
B) $\begin{array}{|l|r|l|}\hline \text { Accounts Payable } & 15,000 & \\\hline \text { Merchandise Inventory } & & 15,000 \\\hline\end{array}$
C) $\begin{array}{|l|r|r|}\hline \text { Purchases } & 15,000 & \\\hline \text { Accounts Payable } & & 15,000 \\\hline\end{array}$
D) $\begin{array}{|l|r|r|}\hline \text { Purchases } & 14,700 & \\\hline \text { Accounts Payable } & & 14,700 \\\hline\end{array}$
E) $\begin{array}{|l|r|r|}\hline \text { Merchandise Inventory } & 14,700 & \\\hline \text { Accounts Payable } & & 14,700 \\\hline\end{array}$