Show Me How Calculator 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 du not require an entry, leave it blank.) a. Purchased $46,000 of merchandise from Schell Co. on account, terms 2/10, 1/30. Inventory Accounts Payable-Schell Co. b. Pald the amount owed on the invoice. Feedback Check My Won b. A payment of the invoice within the discount period reduces Accounts Payable and Cash for the amount of the invoice less the discount. c. Discovered that merchandise with an invoice amount of $9,200 purchased in (a) was defective and returned items, receiving credit. Food c. This transaction reduces Inventory and the Accounts Payable. Since this return was made after payment was made at the discounted price, the credit will be Check My Work 2 more Check My Work uses remaining Previous Next >