Juniper Company Uses a Perpetual Inventory System

question 98

Multiple Choice

Juniper Company uses a perpetual inventory system.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:

• A)Debit Merchandise Inventory $8,250;credit Cash $8,250.
• B)Debit Cash $8,250;credit Accounts Payable $8,250.
• C)Debit Accounts Payable $8,250;credit Merchandise Inventory $82.50;credit Cash $8,167.50.
• D)Debit Accounts Payable $9,750;credit Merchandise Inventory $97.50;credit Cash $9,652.50.
• E)Debit Accounts Payable $8,167.50;credit Cash $8,167.50.

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Definitions:

Loss of Individuality

The process by which individuals lose their unique identity and assimilate into a group, often leading to a conformity or loss of personal expression.

Social Loafing

The phenomenon where individuals exert less effort to achieve a goal when they work in a group compared to when they work alone.

Role Ambiguity

Occurs when an individual lacks clear direction or information about their responsibilities and expectations in their role.

Low Power

A term often used in social sciences to refer to individuals or groups that lack the authority, control, or influence to achieve their objectives relative to those with more power.