Juniper Company uses a perpetual inventory system and the gross method of accounting for purchases. 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 16, it paid the full amount due. The correct journal entry to record the payment on August 16 is:
A. Debit Cash $8,250; credit Accounts Payable $8,250.
B. Debit Accounts Payable $8,250; credit Merchandise Inventory $82.50; credit Cash $8,167.50.
C. Debit Accounts Payable $9,750; credit Merchandise Inventory $97.50; credit Cash $9,652.50.
D. Debit Accounts Payable $8,167.50; credit Cash $8,167.50.
E. Debit Merchandise Inventory $8,250; credit Cash $8,250.
Answer: B
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