Purchase-Related Transactions Journalize entries for the following related transactions of Lilly Heating & Air Company using the net method under a perpetual Inventory system, (if an amount box does not require an entry, leave it blank.) a. Purchased $45,000 of merchandise from Schell Co, on account, terms 1/10, 1/30 Inventory Accounts Payable-Schell Co 4,600 x o Che My W a. A purchase these invertory and the amount that want b. Paid the amount owed on the in Accounts Payable Schell Co Cash Check My W b. Apayment of the voice within the discount period reduces Accounts Payable and Cain for the amount of the invoiceless the discount c. Discovered that merchandise with an invicemonta 9.200 purchased in was elective and returned items, receiving credit Account PayableScheco Inventos Sales-Related Transactions, including the Use of Ise of Credit Cards Journalize the entries for the following transactions: (If an amount box does not require an entry, leave it blank.) a. Sold merchandise for cash, $20,870. The cost of the goods sold was $12,520. (Record the sale first.) Cash Sales Cost of Goods Sold Inventory Che My Wor (8-4) Record transactions from the seller's perspective Knep in mind that two entries are required for each transactions (1) for the sale and payment method (cash or on account) and (2) for the cost of the merchandise sold and inventory b. Sold merchandise on account: $11,000. The cost of the goods sold was 56,650. (Record the sale first.) Accounts Receivable Sales Cost of Goods Sold Inventory Few Oh My Previous Next > Check My Work Determining amounts to be paid on invoices Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period: Merchandise Freight Customer Returns Involce Amount Pald by Seller and Allowances $32,000 FOB destination, 130 $1,600 12,400 $300 FOB shipping point, 2/10, 1/30 2,400 21,300 FOD shipping point, 1/10, 130 4,100 9,600 165 Foo shipping point, 2/10, 1/30 1.100 77.100 Fol destination, 2/10, 1/30 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your awers in the questions below b c. d. Open spreadsheet Round your answers to the nearest dollar 30,400 1 ES 17,200 x os 8.665X es Ched My Work