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Mathis Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April: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 $2,800 and the cost of the merchandise sold was $2,450.
On April 1, Mathis paid freight charges of $100 cash to have the goods delivered to its warehouse.On April 8, Mathis returned $1,000 of the merchandise. The cost of the merchandise returned was $700.On April 10, Mathis paid Reece the balance due.
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a. Prepare the journal entry to record the April 1 purchase (ignore any freight charges) of merchandise by Mathis Company.
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The company expects to sell 20% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month of the sale, 25% in the month following the sale, and the remainder in the following month. The cash collections in Sep..
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