Juniper Company, Inc. uses a perpetual inventory system, The company purchased dollar 9, 750 of merchandise on August 7 with terms 1/10, n/30 On August 11, it returned dollar 1, 500 worth of merchandise. On August 16, it paid the full amount due. The correct journal entry to record the purchase on August 7 is: Debit Merchandise Inventory dollar 9, 750, credit Cash dollar 9, 750. Debit Accounts Payable dollar 9, 750: credit Merchandise Inventory dollar 9, 750. Debit Merchandise Inventory dollar 9, 750: credit sales Returns dollar 1, 500: credit Cash dollar 8, 250. Debit Merchandise Inventory dollar 9, 750 credit Accounts Payable dollar 9, 750 Debit Accounts Payable dollar 8, 250; debit Purchase Returns dollar 1, 500: credit Merchandise Inventory dollar 9, 750. References Multiple Choice Difficulty 2 Medium MC Qu. 114 Juniper Learning Objective: 04-P1 Company, Inc. uses a perpetual. Analyze and record transactions for merchandise purchases using a perpetual system