Purchase-Related Transactions

Journalize entries for the following related transactions of Lilly Heating & Air Company who uses the net method under a perpetual inventory system. (If an amount box does not require an entry, leave it blank.)

a. Purchased $44,000 of merchandise from Schell Co. on account, terms 1/10, n/30.

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		fill in the blank 1a630c01901e04e_5	fill in the blank 1a630c01901e04e_6

b. Paid the amount owed on the invoice.

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		fill in the blank 587be3f72065fb8_5	fill in the blank 587be3f72065fb8_6

c. Discovered that merchandise with an invoice amount of $8,800 purchased in (a) was defective and returned items, receiving credit.

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		fill in the blank bc41d0fdb041046_5	fill in the blank bc41d0fdb041046_6

d. Purchased $6,700 of merchandise from Schell Co. on account, terms n/30.

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		fill in the blank 0f4f7bf4b050fb8_5	fill in the blank 0f4f7bf4b050fb8_6

e. Received a refund from Schell Co. for return in (c) less the purchase in (d).

		fill in the blank 99394afdc01bfcd_2	fill in the blank 99394afdc01bfcd_3
		fill in the blank 99394afdc01bfcd_5	fill in the blank 99394afdc01bfcd_6