Afirm using the perpetual inventory method returned defective merchandise costing p2,000 to one of its suppliers. the entry to record this transaction will include a debit to a. accounts receivable. b. inventory. c. purchase returns and allowances. d. accounts payable.

Correct option is (d)

Explanation:

Purchase returns is a contra account which is related to purchases. Some part of purchases are returned due to many reasons such as receipt of defective goods or goods are not needed anymore. In such cases, a contra journal entry is passed in the books of both supplier and purchaser.

Following entry is passed in the books of the purchaser if goods were purchased on account:

Particulars                            Debit                   Credit

Accounts payable                 P2,000

       Purchase returns and                                P2,000

allowances

(To record purchase returns)

The initial entry passed when purchases were made was"

Particulars                            Debit                   Credit

Purchases                            P2,000

       Accounts payable                                      P2,000

(To record purchases made

on account)

The above is reversed when purchases are returned.

So, the firm will debit accounts payable.

in 2001, dell computer became the world’s largest personal computer vendor, continuing to

gain market share and post profits in an industry struggling with slumping sales and billions of

dollars in losses. dell sells 90% of its pcs directly to the final customer, largely bypassing the

reseller channel that accounts for most of the world’s pc sales. this direct customer relationship

is the key to dell’s business model, and provides distinct advantages over the indirect sales

model. dell’s direct relationship with the customer allows it to tailor its offerings to customer

needs, offer add-on products and services, and use the internet to offer a variety of customer

services. in addition, dell’s pcs are built to customers’ specifications upon receipt of an order,

giving dell additional advantages over indirect pc vendors who must try to forecast demand and

ship products based on those forecasts. dell’s direct sales and build-to-order model has achieved

superior performance in the pc industry in terms of inventory turnover, reduced overhead, cash

conversion, and return on investment (kraemer, et al., 2000).

explanation:

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