Morgan, Inc B) C) D) $$\begin{array} { | l | r | r | } \hline \text { Purchases } & 14.700 & \\\hline \text { Accounts Payable } & & 14.700 \\\hline\end{array}$$

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) $$\begin{array} { | l | r | r | } \hline \text { Merchandite Inventory } & 15,000 & \\\hline \text { Accounts Payable } & & 15,000 \\\hline\end{array}$$
B) $$\begin{array} { | l | r | r | } \hline \text { Accounts Payable } & 15,000 & \\\hline \text { Merchandite Inventory } & & 15,000 \\\hline\end{array}$$
C) $$\begin{array} { | l | l | l | } \hline \text { Merchandite Inventory } & 14.700 & \\\hline \text { Accounts Payable } & & 14.700 \\\hline\end{array}$$
D) $$\begin{array} { | l | r | r | } \hline \text { Purchases } & 14.700 & \\\hline \text { Accounts Payable } & & 14.700 \\\hline\end{array}$$
E) $$\begin{array} { | l | r | r | } \hline \text { Purchases } & 15,000 & \\\hline \text { Accounts Payable } & & 15,000 \\\hline\end{array}$$