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Purchase-Related Transactions Journalize entries for the following related transactions of Lilly Heating \& Air Company using the net method under a perpetual inventory system. (If an amount box does not require an entry, leave it blank.) a. Purchased $45,000 of merchandise from Schell Co. on account, terms 1/10,n/30. X Feedback Check My Work a. A purchase increases inventory and the amount that is owed on account. b. Paid the amount owed on the invoice. c. Discovered that merchandise with an invoice amount of $9,000 purchased in (a) was defective and returned items, receiving credit. X X Feedback Check My Work c. This transaction reduces Inventory and the Accounts Payable. Since this return was made after payment was made at the discounted price, the credit will b cost of returned goods less the discount. d. Purchased $7,100 of merchandise from Schell Co. on account, terms n/30. Feedback Check My Work d. A purchase increases Inventory and Accounts Payable. e. Received a refund from Schell Co. for return in (c) less the purchase in (d). X X