(APPENDIX 6A) RECORDING PURCHASE TRANSACTIONS Refer to the information for Cornerstone Exercise 6-20. Assume that Mathis uses a periodic inventory system.

Required:

. Prepare the journal entry to record the April 1 purchase (ignore any freight charges)

of merchandise by Mathis Company.

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

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

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

Cornerstone Exercise