Question: plwsse help with the answer for the spaces that are on red Prepare the necessary Journal entries on the books of Kelly Carpet Company to

plwsse help with the answer for the spaces that are on red

Prepare the necessary Journal entries on the books of Kelly Carpet Company to record the following transactions, assuming a perpetual inventory system: (a) (b) Kelly purchased $45,000 of merchandise on account, terms 2/10, 1/30. Returned $3,000 of damaged merchandise for credit. Paid for the merchandise purchased within 10 days. (c) (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) Inventory Accounts Payable (b) Accounts Payable 3800 Inventory 3800 0 Accounts Payable 3900 540 Inventory 41160 Cash

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

PLEASE DO THE GENERAL JOURNAL AS WELL!! Lurch Companys December 31, 2018, balance sheet follows: Lurch Company Balance Sheet December 31, 2018 1 Assets 2 Cash $540,000.00 3 Inventory 450,000.00 4...

The balance sheet of Marigold Company at December 31, 2019, includes the following. Notes receivable $41,600 Accounts receivable 185,100 Less: Allowance for doubtful accounts 18,600 $208,100...

continued Problem 7-02 The following are a series of unrelated situations. Answer the questions relating to each of the five independent situations as requested. 1. Pronghorn Company's unadjusted...

I am stuck! Please help! GL1101 Based on Problem 11-2A LO C3, P2, P3 OnPoint Company reports the following components of stockholders' equity on December 31, 2016: Common stock-$10 par value, 120,000...

Need to fill in the blanks please help Blossom Ltd. began operations in January 2023. On December 31, 2023, the end of its first year of operations, the balance in the company's Accounts Receivable...

Hello m friend We worked together before. Please help me in this quiz ! I will include a study materials to help you answer it Thanks in advance ACCT1040 - Quiz #4 (Spring 2017) - Kathy Faber Version...

I've attached the question as a word file, thanks! JWCL165_c12_568-611.qxd 8/12/09 8:29 AM Page 568 12 Investments Chapter STUDY OBJECTIVES After studying this chapter, you should be able to: 1...

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) (Credit account titles are...

PLease assist me with completing this series of take home questions! David McMahon Answers Due No later than 12:00 P.M. 6/10/12! 1. Under the modified accrual basis of accounting, derived nonexchange...

Cash LO2 BRIEF EXERCISE 10.1 Jacobs Company borrowed $1,000,000 on a one-year, percent note payable from the local bank on 1 April. Interest was paid quarterly, and the note was re- paid one year...

Given the data: 12 y(t) K K+2 K+3 K+5 K+6 K+8 3 4 5 6. a) Forecast y(1), y(2),...,y(7) using simple exponential smoothing 2 with a = 5* b) Find m, the mean of y. Let z(t) = y(t) m. For z(t), find...

Using the axioms of probability prove that any probability distribution on a discrete random variable must sum to 1.

Select from the option list the best answer to complete each statement below. StatementAnswer 1 . The party that is strictly liable for unauthorized use or misdelivery of collateral is the 2 . Before...

P-1) (100 Pts.) A chemical manufacturing company (CMC) has a contract for the procurement of the neccssaly chemicals from four suppliers. The chemicals purchased from Supplier A are priced at $20...

3. What are the current trends in computer hardware platforms?

1. What is IT infrastructure and what are the stages and drivers of IT infrastructure evolution?

4-14 What is the relationship of privacy to Facebooks business model? Over the course of less than a decade, Facebook has morphed from a small, niche networking site for mostly Ivy League college...