Cornerstone Exercise 6-19 Recording Sales Transactions 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. Inventory Accounts Payable April 1 unt) Accounts Payable April 1 Accounts Receivable Cost of Goods Sold handise sold) Inventory April 8 Sales April 8 (Record return of merchandise) (Recorded cost of merchandise returned) April 10 Accounts Payable Inventory (Received customer payment within discount period)