Purchase-related transactions Instructions Chart of Accounts Journal Instructions 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 $51,300 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 $7,300 of the merchandise purchased in (A) was defective and returned items, receiving credit. D. Purchased $6,200 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) CHART OF ACCOUNTS Lilly Heating & Air Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable 610 Rent Revenue 125 Notes Receivable EXPENSES 130 Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 501 Cost of Goods Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation Office Equipment 531 Rent Expense 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation Office Equipment 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense 539 Miscellaneous Expense 710 Interest Expense LIABILITIES 211 Accounts Payable-Schell Co. 218 Sales Tax Payable 219 Customer Refunds Payable 220 Unearned Rent 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary Journal Journalize entries for the transactions of Lilly Heating & Air Company. Refer to the Chart of Accounts for exact wording of account titles. For grading purposes use December 31 as the date for all transactions. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY