Journalize entries for the following related transactions of Lilly Heating & Air Company using the net method under a perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles.A.Purchased $51,300 of merchandise from Schell Co. on account, terms 1/10, n/30.B.Paid the amount owed on the invoice.C.Discovered that merchandise with an invoice amount of $7,300 purchased in (a) was defective and returned items, receiving credit.D.Purchased $6,200 of merchandise from Schell Co. on account, terms n/30.E.Received a refund from Schell Co. for return in (C) less the purchase in (D).CHART OF ACCOUNTSLilly Heating & Air CompanyGeneral Ledger ASSETS110Cash120Accounts Receivable125Notes Receivable130Inventory140Office Supplies141Store Supplies142Prepaid Insurance180Land192Store Equipment193Accumulated Depreciation-Store Equipment194Office Equipment195Accumulated Depreciation-Office Equipment LIABILITIES211Accounts Payable-Schell Co.218Sales Tax Payable219Customer Refunds Payable220Unearned Rent221Notes Payable EQUITY310Common Stock311Retained Earnings312Dividends REVENUE410Sales610Rent Revenue EXPENSES501Cost of Goods Sold521Delivery Expense522Advertising Expense524Depreciation Expense-Store Equipment525Depreciation Expense-Office Equipment531Rent Expense533Insurance Expense534Store Supplies Expense535Office Supplies Expense536Credit Card Expense539Miscellaneous Expense710Interest ExpenseJournalize entries for the transactions of Lilly Heating & Air Company. Refer to the Chart of Accounts for exact wording of account titles. For grading purposes use December 31 as the date for all transactions.

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Description: Journalize entries for the following related transactions of Lilly Heating & Air Company using the net method under a perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles.A.Purchased $51,300 of merchandise fr

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Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 37E: Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following...

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Journalize entries for the following related transactions of Lilly Heating & Air Company using the net method under a perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles.

A.	Purchased $51,300 of merchandise from Schell Co. on account, terms 1/10, n/30.
B.	Paid the amount owed on the invoice.
C.	Discovered that merchandise with an invoice amount of $7,300 purchased in (a) was defective and returned items, receiving credit.
D.	Purchased $6,200 of merchandise from Schell Co. on account, terms n/30.
E.	Received a refund from Schell Co. for return in (C) less the purchase in (D).

CHART OF ACCOUNTS

Lilly Heating & Air Company

General Ledger

	ASSETS
110	Cash
120	Accounts Receivable
125	Notes Receivable
130	Inventory
140	Office Supplies
141	Store Supplies
142	Prepaid Insurance
180	Land
192	Store Equipment
193	Accumulated Depreciation-Store Equipment
194	Office Equipment
195	Accumulated Depreciation-Office Equipment

	LIABILITIES
211	Accounts Payable-Schell Co.
218	Sales Tax Payable
219	Customer Refunds Payable
220	Unearned Rent
221	Notes Payable

	EQUITY
310	Common Stock
311	Retained Earnings
312	Dividends

	REVENUE
410	Sales
610	Rent Revenue

	EXPENSES
501	Cost of Goods Sold
521	Delivery Expense
522	Advertising Expense
524	Depreciation Expense-Store Equipment
525	Depreciation Expense-Office Equipment
531	Rent Expense
533	Insurance Expense
534	Store Supplies Expense
535	Office Supplies Expense
536	Credit Card Expense
539	Miscellaneous Expense
710	Interest Expense

Journalize entries for the transactions of Lilly Heating & Air Company. Refer to the Chart of Accounts for exact wording of account titles. For grading purposes use December 31 as the date for all transactions.

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