Business, 19.10.2021 01:00 ovowendygirl7595

Recording Purchase Transactions Mathis Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April:
a. On April 1, Mathis purchased merchandise on account from Reece with credit terms of 2/10, n/30. The selling price of the merchandise was $3,800, and the cost of the merchandise sold was $2,450.
b. On April 1, Mathis paid freight charges of $100 cash to have the goods delivered to its warehouse.
c. On April 8, Mathis returned $1,000 of the merchandise, which had originally cost Reece $700.
d. On April 10, Mathis paid Reece the balance due.
Required:
a. Prepare the journal entry to record the April 1 purchase (ignore any freight charges) of merchandise by Mathis Company.
b. Prepare the journal entry to record the April 8 return of merchandise.
c. Prepare the journal entry to record the April 10 payment to Reece Company, If an amount box does not require an entry, leave it blank.

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Recording Purchase Transactions Mathis Company and Reece Company use the perpetual inventory syste...

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