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Section 1 Prepare the necessary journal entries on the books of Kelly Carpet Company to record the following transactions, assuming a perpetual inventory system (you

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Section 1 Prepare the necessary journal entries on the books of Kelly Carpet Company to record the following transactions, assuming a perpetual inventory system (you may omit explanations): Kelly purchased $45,000 of merchandise on account, terms 2/10, n/30. (b) Returned $3,000 of damaged merchandise for credit. Paid for the merchandise purchased within 10 days. (a)

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