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Journalize entries for the following related transactions of Lilly Heating & Air Company: Purchased $36,000 of merchandise from Schell Co. on account, terms 1/10, n/30. Paid the amount owed on the invoice within the discount period. Discovered that $9,000 of the merchandise purchased in (A) was defective and returned items, receiving credit. Purchased $5,000 of merchandise from Schell Co. on account, terms n/30. Received a refund from Schell Co. for return in (C) less the purchase in (D).
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Journalize entries for the following related transactions of Lilly Heating & Air Company: Purcha...
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