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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
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 $36,000 of merchandise from Schell Co. on account, terms 1/10, n/30. b. Paid the amount owed on the invoice within the discount period. Accounting numeric field c. Discovered that merchandise with an invoice amount of $9,000 purchased in (a) was defective and returned items, receiving credit. 8 d. Purchased $5,000 of merchandise from Schell Co. on account, terms n/30.
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