Juniper Company Uses a Perpetual Inventory System

question 14

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 26,it paid the full amount due.The correct journal entry to record the merchandise return on August 11 is:

• A)Debit Accounts Payable $1,500;credit Cash $1,500.
• B)Debit Accounts Payable $1,500;credit Merchandise Inventory $1,500.
• C)Debit Merchandise Inventory $1,500;credit Sales Returns $1,500.
• D)Debit Merchandise Inventory $1,500;credit Cash $1,500.
• E)Debit Accounts Payable $1,500;credit Purchase Returns $1,500.

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Definitions:

Genital Stage

In Freudian psychoanalysis, the final stage of psychosexual development, beginning in puberty, where sexual interests mature.

Oedipus Complex

A concept in psychoanalytic theory describing a child's feelings of desire for the opposite-sex parent and jealousy towards the same-sex parent.

Freudian Concept

Psychological theories and concepts developed by Sigmund Freud, focusing on the unconscious mind, psychosexual stages, and defense mechanisms.

Electra Complex

A psychoanalytic term coined by Carl Jung, referring to a girl's psychosexual competition with her mother for possession of her father.