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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.)

Question Content Area

a. Purchased $36,000 of merchandise from Schell Co. on account, terms 2/10, n/30.

blank Account Debit Credit
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Accounts Payable-Schell Co.Accounts Receivable-Schell Co.CashCost of Goods SoldInventoryAccounts Receivable-Schell Co.

Accounts Receivable-Schell Co. Accounts Receivable-Schell Co.

Accounts Payable-Schell Co.Accounts Receivable-Schell Co.CashCost of Goods SoldInventoryAccounts Payable-Schell Co.

Accounts Payable-Schell Co. Accounts Payable-Schell Co.

Question Content Area

b. Paid the amount owed on the invoice within the discount period.

blank Account Debit Credit
blank

Accounts Payable-Schell Co.Accounts Receivable-Schell Co.CashCost of Goods SoldInventoryAccounts Payable-Schell Co.

Accounts Payable-Schell Co. Accounts Payable-Schell Co.

Accounts Payable-Schell Co.Accounts Receivable-Schell Co.CashCost of Goods SoldMiscellaneous ExpenseCash

Cash Cash

Accounts Payable-Schell Co.Accounts Receivable-Schell Co.Cost of Goods SoldMiscellaneous ExpenseInventory

- Select - - Select -

Question Content Area

c. Discovered that merchandise with an invoice amount of $7,200 purchased in (a) was defective and returned items, receiving credit.

blank Account Debit Credit
blank

Accounts Payable-Schell Co.Accounts Receivable-Schell Co.CashCost of Goods SoldInventory

- Select - - Select -

Accounts Payable-Schell Co.Accounts Receivable-Schell Co.CashCost of Goods SoldInventory

- Select - - Select -

Question Content Area

d. Purchased $5,500 of merchandise from Schell Co. on account, terms n/30.

blank Account Debit Credit
blank

Accounts Payable-Schell Co.Accounts Receivable-Schell Co.CashCost of Goods SoldInventory

- Select - - Select -

Accounts Payable-Schell Co.Accounts Receivable-Schell Co.CashCost of Goods SoldInventory

- Select - - Select -

Question Content Area

e. Received a refund from Schell Co. for return in (c) less the purchase in (d).

blank Account Debit Credit
blank

Accounts Payable-Schell Co.Accounts Receivable-Schell Co.CashCost of Goods SoldInventory

- Select - - Select -

Accounts Payable-Schell Co.Accounts Receivable-Schell Co.CashCost of Goods SoldInventory

- Select - - Select -

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