Question

montraketssignment Main do Novoker-assignments takeAssignmentsessionLocator-assignment-takotinprogress-false Purchase-Related Transactions Journal entries for the following related transactions of Heating & Air Company 534.000 echando che con cutters 2/10, Paid the amount owed on the ice within the discounted Discovered that 6.300 before purchases discount of the merchandise was detective and returned items, receiving credit d. Purchased 55,200 of merchandise from Schell Co, on account, terms 30. Received a check for the balance owed from the return in te werdeducting for the purchase in (a) Deck My Works more Check My Wormsrenaring Previo Save and be submit All

Answer 1

Solution:

Lily heating & Air Company
Journal Entries
Event	Particulars	Debit	Credit
a	Inventory Dr	$33,320.00
	To Accounts payable - Schell Co.		$33,320.00
	(To record inventory purchase on account)
b	Accounts payable - Schell Co. Dr	$33,320.00
	To Cash		$33,320.00
	(To record payment)
c	Accounts payable - Schell Co. Dr	$6,664.00
	To Inventory		$6,664.00
	(To record purchase return)
d	Inventory Dr	$5,200.00
	To Accounts payable - Schell Co.		$5,200.00
	(To record inventory purchase on account)
e	Cash Dr	$1,464.00
	To Accounts payable - Schell Co.		$1,464.00
	(To record cash received)