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 $42,000 of merchandise from Schell Co. on account, terms 2/10,n/30. Feedback Check My Work a. A purchase increases inventory and the amount that is owed on account. b. Paid the amount owed on the invoice within the discount period. c. Discovered that merchandise with an invoice amount of $8,400 purchased in (a) was defective and returned items, receiving credit. d. Purchased $6,600 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)
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