Juniper Company Uses a Perpetual Inventory System and the Gross

question 27

Multiple Choice

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 purchase on August 7 is:

• A)Debit Merchandise Inventory $9,750; credit Cash $9,750.
• B)Debit Accounts Payable $9,750; credit Merchandise Inventory $9,750.
• C)Debit Merchandise Inventory $9,750; credit Sales Returns $1,500; credit Cash $8,250.
• D)Debit Merchandise Inventory $9,750; credit Accounts Payable $9,750.
• E)Debit Accounts Payable $8,250; debit Purchase Returns $1,500; credit Merchandise Inventory $9,750.

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Definitions:

Temporal Lobe

A region of the cerebral cortex responsible for processing auditory information and encoding memory.

Intertrial Interval

The amount of time that passes between the end of one trial or test and the beginning of the next in experimental contexts.

Conditioned Relief

A learned response where an organism anticipates the removal of an aversive stimulus, thus reducing stress or discomfort.

Effective Punishment

A method of decreasing undesired behavior by applying an adverse stimulus following the behavior, aiming to reduce or eliminate that behavior.