Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

purchased $9,750 of uniper Company uses a perpetual inventory system and the gross method of accounting for purchases. The company merchandise on August 7 with

image text in transcribed
purchased $9,750 of uniper Company uses a perpetual inventory system and the gross method of accounting for purchases. The company merchandise on August 7 with terms 1/10, n/30. On August 11, t 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 $8.250, credit Merchandise Inventory $82.50; credit Cash $8,16750 Debit Accounts Payable $9,750; credit Merchandise Inventory $97.50, credit Cash $9,652.50 Debit Accounts Payable $8,16750, credit Cash $8367.50

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

A Sneak Peek Into The Auditing World A Day Of An Auditor

Authors: Anupma Aggarwal, Adv (Dr.) Raj Kumar S Adukia

1st Edition

1648997074, 978-1648997075

More Books

Students also viewed these Accounting questions

Question

Why does it take a scientist to design a winter coat?

Answered: 1 week ago

Question

4. What are the current trends in computer software platforms?

Answered: 1 week ago