Business, 13.12.2019 01:31 manoli5874

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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Juniper company uses a perpetual inventory system and the gross method of accounting for purchases....

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