Juniper Company Uses a Perpetual Inventory System and the Gross

question 43

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

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Definitions:

Crime In The United States

Refers to unlawful acts punishable by the state that occur within the United States, with its nature, frequency, and legal responses varied across regions.

Norm Violations

Actions or behaviors that go against the accepted standards or rules of a society or group, often eliciting negative responses from others.

Psychological Disorder

A condition characterized by abnormal thoughts, feelings, or behaviors that cause distress or impairment in functioning.

Kleptomania

A psychiatric disorder characterized by an irresistible impulse to steal items that are not needed for personal use or monetary value.