Business, 10.03.2020 00:09 Jasten

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:

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

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