Prepare the necessary journal entries on the books of Kelly Carpet Company to record the following transactions,
Question:
(a) Kelly purchased $45,000 of merchandise on account, terms 2 / 10, n / 30.
(b) Returned $3,000 of damaged merchandise for credit.
(c) Paid for the merchandise purchased within 10 days.
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Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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