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Elden [556K]
4 years ago
8

Juniper Company uses a perpetual inventory system and the gross method of accounting for purchases. The company purchases $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 payment on August 16 is:
Business
1 answer:
docker41 [41]4 years ago
8 0

Answer:

The journal entries for the whole transaction are:

August 7, 202x, merchandise purchased on account, terms 1/10, n/30

Dr Merchandise inventory 9,750

    Cr Accounts payable 9,750

August 11, 202x, partial return of purchased merchandise

Dr Accounts payable 1,500

    Cr Merchandise inventory 1,500

August 16, 202x, invoice is paid within discount period

Dr Accounts payable 8,250

    Cr Cash 8,167.50

    Cr Purchase discounts 82.50

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Juniper Company uses a perpetual inventory system. The company purchased $9,750 of merchandise on August 7 with terms 1/10, n/30
kozerog [31]

Answer:

Amount of cash paid on Aug 16 = <u>$8,167.50</u>

Explanation:

As for the information provided the terms of purchase are,

1% discount if payment made within 10 days,

and a total credit period of 30 days without any discount beyond 10 days.

Here, inventory purchased on August 7 = $9,750

Less; Return on 11 August = $1,500

Net Purchases = $8,250

Since payment is made on 16 August that is within 10 days from purchase discount will be received

= $8,250 \times 1% = $82.50

Amount of cash paid on Aug 16 = $8,250 - $82.50 = $8,167.50

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Answer:

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