Exercise 6-46 (Algorithmic) Recording Purchases Reeves Corporation uses the perpetual system to record inventory transactions. In a recent month, Reeves engaged in the following transactions: a. On April 1, Reeves purchased merchandise on credit for $21,900 with terms 2/10, n/30. b. On April 2, Reeves purchased merchandise on credit for $25,900 with terms 3/15, n/25. c.On April 9, Reeves paid for the purchase made on April 1. d. On April 25, Reeves paid for the merchandise purchased on April 2 Required: Prepare journal entries for these four transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. Apr. 1 Inventory Accounts Payable (Purchased inventory on credit) Apr. 2 Inventory Accounts Payable Accounts Payable Cash Inventory (Paid within the discount period) Accounts Payable Cash (Paid outside the discount period) Apr. 9 Apr. 25