Purchase-Related Transactions Journalize entries for the following related transactions of Lilly Heating &...
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Purchase-Related Transactions Journalize entries for the following related transactions of Lilly Heating & Air Company who uses the net method under a perpetual inventory system. (If an amount box does not require an entry, leave it blank.) a. Purchased $37,000 of merchandise from Schell Co. on account, terms 2/10, n/30. Inventory 36,260 07 Accounts Payable-Schell Co. 36,260 Feedback b. Paid the amount owed on the invoice. Accounts Payable-Schell Co. 36,260 0 Cash 36.260 Feedback c. Discovered that merchandise with an invoice amount of $7,400 purchased in (a) was defective and returned items, receiving credit. Accounts Payable-Schell Co. 7,326 X Inventory 7.326 x Feedback d. Purchased $5,900 of merchandise from Schell Co. on account, terms n/30. Inventory o Accounts Payable-Schell Co. Feedback e. Received a refund from Schell Co. for return in (c) less the purchase in (d). Cash Accounts Payable-Schell Co
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