Purchase-Related Transactions Journalize entries for the following related transactions of Lilly Heating & Air Company: a. Purchased $28,000 of merchandise from Schell Co. on account, terms 2/10, n/30. b. Paid the amount owed on the invoice within the discount period. c. Discovered that $5,500 before purchases discount of the merchandise was defective and returned items, receiving credit. d. Purchased $4,600 of merchandise from Schell Co. on account, terms n/30. e. Received a check for the balance owed from the return in (c), after deducting for the purchase in (d). 2,772 x a. Inventory Accounts Payable-Schell Co. 2,772 x 2,772 x b. Accounts Payable-Schell Co. Cash 2,772 x 5,544 x C. Accounts Payable-Schell Co. Inventory 5,544 x 4,600 d. Inventory Accounts Payable-Schell Co. 4,600 e. Cash 944 x Accounts Payable-Schell Co. 944 X