Purchase-Related Transactions 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 $46,000 of merchandise from Schell Co. on account, terms 1/10, n/30. Inventory Accounts Payable-Schell Co. Feedback Check My Work 46,000 46,000 b. Paid the amount owed on the invoice within the discount period. Accounts Payable-Schell Co. Cash Inventory 46,000