Answered

At Westonci.ca, we connect you with the answers you need, thanks to our active and informed community. Get quick and reliable solutions to your questions from a community of experienced professionals on our platform. Get quick and reliable solutions to your questions from a community of experienced experts on our platform.

Juniper Company, Inc. uses a perpetual inventory system. 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:

Sagot :

Answer and Explanation:

The journal entry is shown below:

Accounts payable $1,500  

          To Merchandise Inventory  $1,500

(being purchase returns is recorded)  

here account payable is debited as it decreased the liabilities and credited the merchandise inventory as it decreased the assets

Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. Discover more at Westonci.ca. Return for the latest expert answers and updates on various topics.