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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