Show Me How Calculator Journal Joumalize entries for the tolowing related transa
ID: 2551266 • Letter: S
Question
Show Me How Calculator Journal Joumalize entries for the tolowing related transactions of Lilly Headng&Air; Company Reter to the Chart of Accounts for exact wovding of account ates A Purchased $53,100 of merchandise from Schell cton account, terms 110, n30 B. Paid the amount owed on the invoice within the discount period. C. Discovered that $7,100 of the merchandise purchased in (A) was delective and returned items, receiving credit D. Purchased $5,900 of merchandise trom Schell Co.on account, terms n/30 E Received a reftund from Schell Co. for return in (C) less the purchase in (D) Check My Work All work saved. acer
Explanation / Answer
A
Merchandise Inventory A/c Dr $ 52,569
To Accounts Payable – Shell Co A/c Cr $ 52,569
B
Accounts Payable – Shell Co A/c Dr $ 52,569
To Cash A/c Cr $ 52,569
C
Accounts Payable – Shell Co A/c Dr $ 7,029
To Merchandise Inventory A/c Cr $ 7,029
D
Merchandise Inventory A/c Dr $ 5,900
To Accounts Payable – Shell Co A/c Cr $ 5,900
E
Cash A/c Dr $ 1,129
To Accounts Payable – Shell Co A/c Cr $ 1,129