..6 Help Save & Exit Subm Morgan, Inc. uses a perpetual inventory system and the net method of recording purchases. On May 12, a merchandise purchase of $17,000 was made on credit, 2/10,n/30. The journal entry to record this purchase is: Multiple Choice 17,000 Purchases Accounts Payable 17,000 16,660 Merchandise Inventory Accounts Payable 16,660 16,660 Purchases Accounts Payable 16,660 Accounts Payable Merchandise Inventory 17,000 17.000 Merchandise Inventory Accounts Payable 17.000 17,000