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Journalize entries for the following related transactions of Lilly Heating & Air Company. Refer to the Chart of Accounts for exact wording of account titles.
Journalize entries for the following related transactions of Lilly Heating & Air Company. Refer to the Chart of Accounts for exact wording of account titles.
A. | Purchased $48,400 of merchandise from Schell Co. on account, terms 1/10, n/30. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
B. | Paid the amount owed on the invoice within the discount period. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
C. | Discovered that $7,600 of the merchandise purchased in (A) was defective and returned items, receiving credit. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
D. | Purchased $5,900 of merchandise from Schell Co. on account, terms n/30. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
E. | Received a refund from Schell Co. for return in (C) less the purchase in (D).
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