Question: On May 1, Anderson Company purchased merchandise in the amount of $5,800 from Shilling, with credit terms of 2/10, n/30. Anderson uses the perpetual inventory system and the gross method. The journal entry that Anderson will make on May 1 is: Multiple Choice Account Title Debit Credit Merchandise Inventory 5,800 Accounts Payable 5,800 Account Title Debit Credit Purchases 5,800 Accounts Payable 5,800 Account Title Debit Credit Merchandise Inventory 5,800 Cash 5,800 Account Title Debit Credit Sales 5,800 Accounts Receivable 5,800 Account Title Debit Credit Accounts Payable 5,800 Sales 5,800