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Prepare the journal entry to record the april return

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Reference no: EM13545548

Mathis Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April:

a. On April 1, Mathis Company purchased merchandise on account from Reece Company with credit terms of 2/10, n/30. The selling price of the merchandise was $3,500 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. The cost of the merchandise returned was $700.

d. On April 10, Mathis paid Reece the balance due.

Required:

1. Prepare the journal entry to record the April 1 purchase (ignore any freight charges) of merchandise by Mathis Company.

2. Prepare the journal entry to record the payment of freight on April 1.

3. Prepare the journal entry to record the April 8 return of merchandise.

4. Prepare the journal entry to record the April 10 payment to Reece Company.

Reference no: EM13545548

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