Prepare the necessary journal entries on the books of Kelly Carpet Company to record the following transactions, assuming a perpetual inventory system (a) Kelly purchased 545,000 of merchandise on account, terms 2/10,n/30. (6) Returned $3,000 of damaged merchandise for credit. (o Paid for the merchandise purchased within 10 days. N (Credit account titles are automatically indented when the amount is entered. Do not indent manually) No. Account Titles and Explanation Debit Credit (a) (b) 0 The following information is able for es company for the year ended December 31.2021 $3.800 Accounts paya Accumulated depreciation equipment 4.000 Common Stock Retained earning 5.000 4300 2.000 Intangible asset Notes payable dure in 5 years) 5.000 1.500 Accounts receivable 2.800 1.000 Short-term investments Equipment Long-term investments 8.800 5,700 Use the above information to prepare the balance sheet for the year ended December 31, 2001.ht Current Assets in der liquidity) ELWES COMPANY Balance Sheet December 31, 2021 Assets Qurrature Want Terme Tour Long Acum Depreciation.com Intante Total Art Liabilities and Stockholders' Equity Qurrent les ho Accounts Payable Long-term Lab Notes Payable SOOC 5 Total Labs Stockholders' Equity Common Stock 5000 Retained Earnings Total abilities Tocal abilities e Textbook and Media List of Accounts Attempts: 2 of 3 used Submit Anne Save for later