eBook Show Me How Calculator Print Item Purchase-Related Transactions Journalize entries for the following related transactions of Lilly Heating & Air Company a. Purchased $42,000 of merchandise from Schell Co, on account, terms 1/10, 1/30. b. Paid the amount owed on the invoice within the discount period. C. Discovered that $8,400 before purchases discount of the merchandise was defective and returned items, receiving credit d. Purchased $6,400 of merchandise from Schell Co. on account, terms n/30. e. Received a check for the balance owed from the return in (c), after deducting for the purchase in (d). a. Inventory Accounts Payable-Schell Co. b. Accounts Payable-Schell Co. Cash Accounts Payable-Schell Co. Inventory d. Inventory Accounts Payable-Schell Co. 6,400 e. Cash Accounts Payable-Schell Co. Previous Next