What would the Financial Journal look like for the below events? Instructions Jo

Question

What would the Financial Journal look like for the below events?

Instructions Journalize entries for the following related transactions of Lilly Heating&Air; Company Refer to the Chart of Accounts for exact wording of account titles. Purchased $36,000 of merchandise from Schell Co. on account, terms 1/10, n/30. B. Paid the amount owed on the invoice within the discount period. C. Discovered that $9,000 of the merchandise purchased in (A) was defective and returned items, receiving credit. D. Purchased $5,000 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).

Explanation / Answer

General Journal Debit Credit A. Merchandise Inventory $35,640 Accounts Payable-Schell Co. $35,640 B. Accounts Payable-Schell Co. $35,640 Cash $35,640 C. Accounts Payable-Schell Co. $8,910 Merchandise Inventory $8,910 D. Merchandise Inventory $5,000 Accounts Payable-Schell Co. $5,000 E. Cash $3,910 Accounts Payable-Schell Co. $3,910

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