Purchase-Related TransactionsJournalize entries for the following related transactions of Lilly Heating & Air Company:Purchased $30,000 of merchandise from Schell Co. on account, terms 1/10, n/30.Paid the amount owed on the invoice within the discount period.Discovered that $6,000 before purchases discount of the merchandise was defective and returned items, receiving credit.Purchased $4,800 of merchandise from Schell Co. on account, terms n/30.Received a check for the balance owed from the return in (c), after deducting for the purchase in (d). a.Inventory fill in the blank 2 Accounts Payable-Schell Co. fill in the blank 4b.Accounts Payable-Schell Co. fill in the blank 6 Cash fill in the blank 8c.Accounts Payable-Schell Co. fill in the blank 10 Inventory fill in the blank 12d.Inventory fill in the blank 14 Accounts Payable-Schell Co. fill in the blank 16e.Cash fill in the blank 18 Accounts Payable-Schell Co. fill in the blank 20

Journal entries are made in the account to record the financial transactions of the business. The…

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Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter5: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5.7EX: Purchase-related transactions Journalize entries for the following related transactions of Lilly...

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Purchase-Related Transactions

Journalize entries for the following related transactions of Lilly Heating & Air Company:

Purchased $30,000 of merchandise from Schell Co. on account, terms 1/10, n/30.
Paid the amount owed on the invoice within the discount period.
Discovered that $6,000 before purchases discount of the merchandise was defective and returned items, receiving credit.
Purchased $4,800 of merchandise from Schell Co. on account, terms n/30.
Received a check for the balance owed from the return in (c), after deducting for the purchase in (d).

a.	Inventory	fill in the blank 2
	Accounts Payable-Schell Co.		fill in the blank 4
b.	Accounts Payable-Schell Co.	fill in the blank 6
	Cash		fill in the blank 8
c.	Accounts Payable-Schell Co.	fill in the blank 10
	Inventory		fill in the blank 12
d.	Inventory	fill in the blank 14
	Accounts Payable-Schell Co.		fill in the blank 16
e.	Cash	fill in the blank 18
	Accounts Payable-Schell Co.		fill in the blank 20

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