Purchase-related transactions OBJ. 2 Journalize entries for the following related transactions of South Coast Heating & Air Company:

a. Purchased $48,000 of merchandise from Atlas Co. on account, terms 1/10, n/30.

b. Paid the amount owed on the invoice within the discount period.

c. Discovered that $7,500 of the merchandise purchased in

(a) was defective and returned items, receiving credit.

d. Purchased $6,000 of merchandise from Atlas Co. on account, terms n/30.

e. Received a refund from Atlas Co. for return in

(c) less the purchase in (d).