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 26, it paid the full amount due. The amount of the cash paid on August 26 equals:
A. $8,250.00.
B. $9,750.00.
C. $9,652.50.
D. $8,167.50.
E. $8,152.50.
Answer: A
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Austin's Pub Supply uses the periodic inventory system and the gross method of accounting for sales. The company had the following sales transactions during August: August 2Sold merchandise to Jo's Pub and Grub on credit for $3,750, terms 2/15, n/60. The items sold had a cost of $1,200. August 4 Jo's Pub and Grub returned merchandise that had a selling price of $300. The cost of the merchandise returned was $110.August 13Jo's Pub and Grub paid for the merchandise sold on August 2, taking any appropriate discount earned.Prepare the journal entries that Austin's Pub Supply must make to record these transactions.
What will be an ideal response?
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Answer the following statement true (T) or false (F)