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 Merchandise Inventory $1500; Credit Sales Returns $1500 (chosen answer) b. Debit Accounts Payable $1500; Credit Purchase Returns $1500c. Debit Accounts Payable $1500; Credit Cash $1500d. Debit Accounts Payable $1500; Credit Merchandise Inventory $1500e. Debit Merchandise Inventory $1500; Credit Cash $1500
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Juniper Company uses a perpetual inventory system and the gross method of accounting for purchases. The company purchased $9,750 of ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
It has been abundantly demonstrated that nominal interest rates, exchange rates, and inflation are very tightly linked.
Answers (1)
U. s. currency is part of
Answers (1)
On June 1, 2017, Bonita Industries was started with an initial investment in the company of $22,220 cash.
Answers (1)
The Finishing Department had 11,500 incomplete units in its beginning Work-in-Process Inventory which were 100% complete as to materials and 30% complete as to conversion costs. 34,500 units were received from the previous department.
Answers (1)
Lower-of-cost-or-market as it applies to inventory is best described as the: a. drop of future utility below its original cost. b. method of determining cost of goods sold. c. assumption to determine inventory flow. d.
Answers (1)
New Questions in Business
All of the following are examples of facility level costs except: Select one: a. Costs of cleaning the workplace. b. Costs of custodial work. c. Costs of personnel support. d. Costs of receiving shipments. e. Costs of providing electricity.
Answers (1)
The law of supply states that a. as prices rise, so will supply and vice versa. b. as prices fall, supply will rise and vice versa. c. as prices rise, supply will fall and vice versa. d. as prices rise, supply will stabilize and vice versa.
Answers (1)
Harold and Zack have pooled their money together to buy real estate but have filed no formal papers toform a business. Harold, a lawyer, handles all the legal matters and Zack, a real estate broker, finds buyers for the property they have subdivided.
Answers (1)
On March 1, Marin sold merchandise on account to Amelia Company for $22,400, terms 2/10, net 45. On March 6, Amelia returns merchandise with a sales price of $1,200. On March 11, Marin receives payment from Amelia for the balance due.
Answers (1)
Predict weekly gross revenue (in dollars) for a week when $3,600 is spent on television advertising and $1,800 is spent on newspaper advertising. (Round your answer to the nearest cent.)
Answers (1)