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Naya [18.7K]
3 years ago
15

Juniper Co uses a perpetual inventory system and the gross method of accounting for purchases. The company purchased $9750 of me

rchandise on August 7 with terms 1/10,n/30. On August 11, it returned $1500 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 $1500
C) Debit Accounts Payable $1500; Credit Cash $1500
D) Debit Accounts Payable $1500; Credit Merchandise Inventory $1500
E) Debit Merchandise Inventory $1500; Credit Cash $1500
Business
1 answer:
KatRina [158]3 years ago
6 0

Answer:

D) Debit Accounts Payable $1500; Credit Merchandise Inventory $1500

Explanation:

The journal entry to record the merchandise return is shown below:

Account payable A/c Dr $1,500

                To Merchandise inventory A/c $1,500

(Being returned inventory is recorded)

For recording the returned inventory we debited the account payable and credited the merchandise inventory account so that the proper posting could be done

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Answer and Explanation:

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= $16,400 + $4,000

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For allowance for doubtful debts

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c. Net realizable value

= Account receivable balance - estimated balance of Allowance for Doubtful Accounts

= $420,000 - $16,400

= $403,600

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Answer:

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The complete financial system is a means by which money is transferred from savers to borrowers. The financial system is made up of banks, insurance companies, financial markets,  and other financial institutions that allow the exchange of money.

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The present value interest factor for an annuity with an interest rate of 8 percent per year over 20 years is ____.
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The present value factor of an annuity that will mature in 20 years at an interest rate of 8% is <u>9.8181474.</u>

<h3>What is the present value interest factor?</h3>

It can be found by using the present value of an annuity formula of:

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