1. The idea that an invrease in the price of a product will reduce the amount of people who want the product, and a decrease in price will raise the amount of people who want it

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 16, it paid the full amount due. the correct journal entry to record the payment on august 16 is: