Prepare the necessary journal entries on the books of Kelly Carpet Company to record the following transactions, as perpetual inventory system: (a) (b) (c) (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation (a) Kelly purchased $45,000 of merchandise on account, terms 2/10, n/30. Returned $3,000 of damaged merchandise for credit. Paid for the merchandise purchased within 10 days. (b) (c) Debit Credit

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Prepare the necessary journal entries on the books of Kelly Carpet Company to record the following transactions, assuming
perpetual inventory system:
(a)
(b)
(c)
(Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
No. Account Titles and Explanation
(a)
Kelly purchased $45,000 of merchandise on account, terms 2/10, n/30.
Returned $3,000 of damaged merchandise for credit.
Paid for the merchandise purchased within 10 days.
(b)
(c)
hives_20....zip
W
QCA 5.docx
A
W
response essay.docx
Debit
^
Credit
Transcribed Image Text:Prepare the necessary journal entries on the books of Kelly Carpet Company to record the following transactions, assuming perpetual inventory system: (a) (b) (c) (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation (a) Kelly purchased $45,000 of merchandise on account, terms 2/10, n/30. Returned $3,000 of damaged merchandise for credit. Paid for the merchandise purchased within 10 days. (b) (c) hives_20....zip W QCA 5.docx A W response essay.docx Debit ^ Credit
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