Chapter 6 Assignment Jeet Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April: a. On April 1, Jeet purchased merchandise on account from Reece with credit terms of 2/10, n/30. The selling price of the merchandise was $3,100, and the cost of the merchandise sold was $2,225. b. On April 1, Jeet paid freight charges of $250 cash to have the goods delivered to its warehouse. c. On April 8, Jeet returned $800 of the merchandise. The cost of the merchandise returned was $500. d. On April 10, Jeet paid Reece the balance due. Required: Prepare the journal entries to record these transactions on the books of Reece Company. For a compound transaction, if those boxes in which no entry is required, leave the box blank. April 1 Inventory 6,400 Accounts Payable 6,400 (Recorded sale on account) April 1 Inventory Sales (Recorded cost of merchandise sold) April 8 . (Record return of merchandise) April 8 (Recorded cost of merchandise returned) April 10 11 (Received customer payment within discount period) Previous Next All work saved. Email Instructor Save and Exit Submit Test for Grading