Journalize entries for the following related transactions of Lilly Heating & Air Company:

1. Purchased $43,000 of merchandise from Schell Co. on account, terms 2/10, n/30.
2. Paid the amount owed on the invoice within the discount period.
3. Discovered that $8,600 before purchases discount of the merchandise was defective and returned items, receiving credit.
4. Purchased $6,500 of merchandise from Schell Co. on account, terms n/30.
5. 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.
c.
d.
e.