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Juniper Company, Inc. 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:
Respondeat Superior Liability
A legal doctrine holding employers or principals liable for the wrongful acts of their employees or agents, performed within the scope of their employment or agency.
Principal
The original amount of money borrowed or invested, excluding any interest or dividends.
Fault
In legal terms, refers to culpability or responsibility for wrongdoing or an accident, often determining liability in civil cases.
Ratify
To formally approve an agreement or treaty, making its provisions officially valid and binding.
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