Your problem may be completed on Word, Excel, or may be handwritten. Your file will be uploaded here for grading. The problem must be submitted by the end of the test. Problem #3: Kimmy Company is a furniture retailer and uses the perpetual inventory system. On January 14, 2017, Kimmy purchased merchandise inventory at a cost of $45,000. Credit terms were 2/10, n/30. The inventory was sold on account for $60,000 on January 21, 2017. Credit terms were 1/10, n/30. The accounts payable was settled on January 23, 2017, and the accounts receivables were settled on January 30, 2017. Instructions: Prepare journal entries to record each of these transactions. Upload Choose a File