Juniper Company uses a perpetual Inventory system and the gross method of accounting for purchases. The company purchased $9,750 of merchandise on August 7 with terms 110, 1/30. On August 11. It returned $1,500 worth of merchandise. On August 16, it paid the full amount due. The correct journal entry to record the payment on August 16 is: Multiple Choice Debit Merchandise Inventory $8,250 credit Cash $8,250. Debit Cash $8,250, credit Accounts Payable $8,250. Debit Accounts Payable 58.250;credit Merchandise Inventory $82.50; Credit Cash $8.16750 Debit Merchandise Inventory $8,250;credit Cash $8,250. Debit Cash $8,250; credit Accounts Payable $8,250, Debit Accounts Payable $8,250;credit Merchandise Inventory $82.50; Credit Cash $8,167.50. Debit Accounts Payable $9,750; credit Merchandise Inventory $97.50, credit Cash $9,652.50. Debit Accounts Payable $8,167.50; Credit Cash $8,167.50