Journalize entries for the following related transactions of Lilly Heating & Air Company:
a. | Inventory | ||
Accounts Payable-Schell Co. | |||
b. | |||
c. | |||
d. | |||
e. | |||
SOLUTION:
Debit | Credit | |||
a | Inventory | 42,140 | ||
|
Accounts Payable—Schell Co |
42,140 | ||
|
(43,000 - 2%*43,000) | |||
|
||||
b |
Accounts Payable—Schell Co |
42,140 | ||
|
Cash | 42,140 | ||
|
||||
c |
Accounts Payable—Schell Co |
8,428 | ||
Inventory | 8,428 | |||
|
(8,600 - 2%*8,600) | |||
|
Inventory | 6,500 | ||
Accounts Payable—Schell Co |
6,500 | |||
|
Cash | 1,928 | ||
Accounts Payable—Schell Co |
1,928 | |||
(8428-6500) |
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