Morgan, Inc. uses a perpetual inventory system and the net method of recording purchases. On May 12, a merchandise purchase of $16,000 was made on credit, 3/10, n/30. The journal entry to record this purchase is: Question 37 options: Merchandise Inventory 16,000 Accounts Payable 16,000 Accounts Payable 16,000 Merchandise Inventory 16,000 Merchandise Inventory 15,520 Accounts Payable 15,520 Purchases 16,000 Accounts Payable 16,000 Purchases 15,520 Accounts Payable 15,520