Answer:
Dr Accounts Payable $8,250
Dr Purchase Returns $1,500
Cr MerchandiseInventory $9,750
Explanation:
Since we were told that Juniper Company made purchased of the sum of $9,750 of the merchandise on August 7 which has a terms of 1/10, n/30 and On August 11, it returned the sum of $1,500 worth of the merchandise in which the company fully paid the amount due On August 16 this means we have to record the payment on August 16 by Debiting Accounts Payable with the sum of $8,250 ($9,750-$1,500), Debit Purchased returns with $1,500 and Credit Merchandise Inventory with $9,750.
Dr Accounts Payable $8,250
($9,750-$1,500)
Dr Purchase Returns $1,500
CrMerchandiseInventory $9,750
