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 1/10, N/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: Debit Accounts

 

 

 

 

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 1/10, n/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: O Debit Accounts Payable $9,750; credit Merchandise Inventory $97.50; credit Cash $9,652.50. Debit Merchandise Inventory $8,250; credit Cash $8,250. Debit Accounts Payable $8,167.50; credit Cash $8,167.50. Debit Accounts Payable $8,250; credit Merchandise Inventory $82.50; credit Cash $8,167.50. Debit Cash $8,250; credit Accounts Payable $8.250.