The journal entry Southland, Inc. would record for the return of merchandise purchased on account under a perpetual inventory system would be Select one: a. Debit Sales Returns and Allowances, credit Accounts Receivable b. Debit Inventory, credit Accounts Payable c. Debit Accounts Payable, credit Supplies d. Debit Accounts Payable, credit Purchase Returns and Allowances e. Debit Accounts Payable, credit Inventory

d. Debit Accounts Payable, credit Purchase Returns and Allowances

Explanation:

When merchandise is purchased, the entries required are

Debit Inventories

Credit Cash/ Accounts payable

Depending on whether cash was paid or the purchase was done on accounts. When a return of the purchased items is done, a reversal of the entries posted earlier is done by;

Debit Cash/Accounts Payable

Credit Inventory

To recognize the return of merchandise purchased earlier. However, the inventory ledger usually has a subledger for tracking returns. This is known as the purchase return subledger/account and as such, that is where the credit entry goes to when a return is made.

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.

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