Question
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 $44,000 of merchandise from Schell Co. on account, terms 2/10, n/30.
Inventory | |||
Accounts Payable-Schell Co. |
|
b. Paid the amount owed on the invoice within the discount period.
Accounts Payable-Schell Co. | |||
Cash |
|
c. Discovered that merchandise with an invoice amount of $8,800 purchased in (a) was defective and returned items, receiving credit.
Accounts Payable-Schell Co. | |||
Inventory |
d. Purchased $6,800 of merchandise from Schell Co. on account, terms n/30.
Inventory | |||
Accounts Payable-Schell Co. |
e. Received a refund from Schell Co. for return in (c) less the purchase in (d).
Cash | |||
Accounts Payable-Schell Co. |
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