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

Juniper Company uses a perpetual inventory system and the gross method of accounting for purchases. The compary 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: Mutiple Choice Deble Merchandise inventory, \( \$ 9,750 \), credit Accounts Payable \( \$ 9,750 \) Debit Merchondise inventory \( \$ 9,750 \); creat 5 ales Returns \( \$ 1,500 \), creat Cash \( \$ 8,250 \). Debit Accounts Paysbe \( \$ 9,750 \), credit Merchandise laventory \( \$ 9,750 \) Debit Merchandise ilivemory \$9750; credt Cosh \( \$ 9,750 \) Debit Accounts Payable \( \$ 8,250 \), debt Purchase feturns \( \$ 1,500 \); credit Merchandise inventory \( \$ 9,750 \).