Prepare the necessary journal entries on the books of Kelly Carpet Company to record the following transactions, assuming a perpetual inventory system: (a) (b) (c) 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. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation eTextbook and Media Debit Credit

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is