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Journalize entries for the following related transactions of Lilly Heating & Air Company: (If an amount box does not require an entry, leave it blank.)
Journalize entries for the following related transactions of Lilly Heating \& Air Company: (If an amount box does not require an entry, leave it blank.) a. Purchased $36,000 of merchandise from Schell Co. on account, terms 2/10,n/30. Feedback v Check My Work a. A purchase increases inventory and the amount that is owed on account. b. Paid the amount owed on the invoice within the discount period. Check My Work c. This transaction reduces Inventory and the Accounts Payable. Since this return was made after payment was made at the discounted of returned goods less the discount. 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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