Juniper Company Uses a Perpetual Inventory System and the Gross

question 137

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 amount of the cash paid on August 16 equals:

• A) $8,152.50.
• B) $8,167.50.
• C) $9,750.00.
• D) $8,250.00.
• E) $9,652.50.

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