Answer Happy

Instructions Joumaize entries for the following related transactions of Lay Heating & Air Company Refer to the Chart of Accounts for exact wording of account bles A. Purchased $55,100 of merchandise from Schell Co on account, terma 1/10, 1/30 B. Paid the amount owed on the invoke within the discount period. C. Discovered that $7,200 of the merchandise purchased in (A) was detective and returned items, receiving credit D. Purchased $6,200 of merchandise from Schell Co. on account, terms 130 E Received a refund from Schell Co. for return in (C) less the purchase in (0)

Instructions Journal JOURNAL ACCOUNTING EQUATION DESCRIPTION POST. REF CREDIT LIABILITIES EQUITY DEBIT 55,100.00 ASSETS 1 DATE Dec. 31 Inventory Accounts payable 1 2 55,100.00 3 Dec. 31 Accounts payable 10