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

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

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Description: Prepare the necessary journal entries on the books of Kelly Carpet Company to record the following transactions, assumingperpetual inventory system:(a)(b)(c)(Credit account titles are automatically indented when the amount is entered. Do not indent

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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