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Purchase-Related Transactions Journalize entries for the following related transactions of Lilly Heating \& Air Compary: (tr an amount box does not require an entry, leave a blank:) a. Purchased $36,000 of merchandise from Sehel ca. on account, terms 1/10,1/30. Ro a. A purchase increases imentory and the amount that is owed ea account. b. Paid the amount owed on the itivoice within the discount period. T Chea My Wath c. This tranaction reduces Inventory and the Accoljis Payable. Since this return was made after payment was made at the disceunted anice, the credit will be for the cost of retumed gosds less the discount, d. Purchased $5,000 of merchandise from 5 cheil Co, on account, terms N/30. t Check My work. d. A purchase increases tnventory and Accounts Payable. e. Received a refund trom Schell co. for return in (c) less the purchase in (d). festaxia T Chax Mr wex e. Compare the amount owed in (d) with the amount credited to the buyer in (c), Cash refunded from the supptier will be for the difference between these two amounts