TB MC Qu. 04-116 (Static) Juniper Company uses a perpetual inventory... 16 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, 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 purchase on August 7 is. 15 Debit Merchandise Inventory $9750, credit Cash $9750. Debit Accounts Payable $9,750, credit Merchandise Inventory 59,750. Debit Merchandise Inventory $9,750, credit Sales Returns and Allowances $1,500, credit Canh $8,250, Debit Merchandise Inventory $9750, credit Accounts Payable $9750, Debit Accounts Payable $8,250, debit Purchase Returns and Allowances $1.500 credit Merchandise Inventory 59,750. TB MC Qu. 04-139 (Algo) Cushman Company... 18 Cushman Company had $844,000 in sales, sales discounts of $12.660, sales returns and allowances of $18.990. cost of goods sold of $400,900, and $290,335 in operating expenses. Net Income equals: ts Ch 04 Quiz 18 O $812,350 1 points O $152,765. Skipped O $411,450. eBook Print References O $121,115. O $184,415. Saved TB MC Qu. 04-71 (Static) Which of the following statements... 19 Which of the following statements regarding gross profit is false? 19 Gross profit is also called gross margin Gross profit less other operating expenses equals Income from operations nts Skipped Gross profit is calculated on the single-step income statement, not the multi-step income statement Book Print erences Gross profit must cover all operating expenses to yield a return for the owner of the business Gross profit equals net sales less cost of goods sold