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What the correct journal entry to record the purchase

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Question - 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. What the correct journal entry to record the purchase on August 7?

Debit Accounts Payable $8,250; debit Purchase Returns $1,500; credit Merchandise Inventory $9,750.

Debit Merchandise Inventory $9,750; credit Accounts Payable $9,750.

Debit Merchandise Inventory $9,750; credit Sales Returns $1,500; credit Cash $8,250.

Debit Accounts Payable $9,750; credit Merchandise Inventory $9,750.

Debit Merchandise Inventory $9,750; credit Cash $9,750.

Reference no: EM133129901

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